Rewritten Version:
Bitcoin climbed as high as $64,400 overnight before easing back, though it is still up करीब 6% for the week. Geopolitical tensions resurfaced after a missile strike on a Qatari gas ship in the Strait of Hormuz, lifting oil prices and putting the late-June ceasefire under strain, while Asian tech stocks declined once again.
Bitcoin hovered in the low $63,000 range on Tuesday after failing to hold above $64,000. The pullback left it largely unchanged on the day, with prices settling around $63,170 after the earlier surge.
This came even as Strategy revealed it had sold 3,588 BTC—worth roughly $216 million—its largest sale since moving away from its long-held “never sell” approach. The market absorbed the sale without significantly disrupting the ongoing recovery.
Ethereum remained near $1,770, posting an 11.6% weekly gain, while XRP and Solana held onto most of their advances, trading around $1.13 and $80. Most major tokens were steady on the day after leading the previous week’s rally.
The rebound has strengthened, though it remains somewhat fragile. Bitcoin had fallen to a 21-month low near $58,000 in late June before recovering into the low $60,000s. Despite the bounce, it ended the first half of the year down roughly 20%, including its first weekly close below the 200-week moving average since 2023.
Some derivatives traders interpret the recent sell-off as a late-stage washout rather than the beginning of a deeper downturn.
Yusuf Fakhro, partner at ARP Digital, said institutional demand has largely faded, pointing to CME futures open interest hitting a 32-month low and a compressed term structure last seen in early 2023.
He also noted that six-month options skew—an indicator of demand for downside protection—has surged to one of its highest levels on record, suggesting traders are paying up for hedging even as much of the downside risk may already be priced in.
