Bitcoin remained below the $60,000 level as a stronger U.S. dollar continued to weigh on crypto markets. Weak on-chain demand persisted throughout the week’s decline, while concerns over Strategy’s potential bitcoin sales further added to market caution.
Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led a broader downturn on Tuesday after the Japanese yen slid to a 40-year low, strengthening the dollar and increasing pressure on risk assets like cryptocurrencies.
Bitcoin was trading near $59,514, down 0.3% over the past 24 hours and about 7% for the week, according to CoinDesk data. It also stayed below its 200-week moving average—a key long-term trend indicator it has struggled to reclaim throughout the month.
Altcoins saw sharper losses. Ether declined 8.2% over the week to around $1,587, XRP fell 7.1% to $1.04, and Dogecoin dropped 11.9% to roughly $0.072, making it the worst performer among major tokens. BNB slipped 6.5%, while Solana outperformed, rising 3% on the day and 2.9% on the week to about $74. Hyperliquid’s HYPE gained 7% on the day, leaving it roughly flat over the week.
The main macro pressure came from currency markets. The yen weakened beyond 162 per dollar—its lowest level since 1986—driving the dollar higher across global markets. A stronger dollar typically makes dollar-denominated assets like bitcoin more expensive for international buyers and reduces appetite for risk exposure.
On-chain indicators also pointed to subdued activity. Data from Glassnode showed active addresses hovering around 618,000, remaining within a recent range rather than showing signs of expansion.
Network transfer value stayed near $4.2 billion, slightly above its recent low of around $3.6 billion, suggesting activity remained muted rather than accelerating. Transaction fees also continued to decline, reinforcing the view that demand has not meaningfully picked up despite lower prices.
Investor sentiment was further pressured after Strategy, the largest corporate bitcoin holder, said it may sell more than $1 billion in bitcoin under a new financing program aimed at strengthening its balance sheet. The move marks a notable shift from founder Michael Saylor’s long-standing stance against selling.
That potential supply overhang adds pressure to a market already lacking strong demand, leaving crypto largely range-bound under the weight of a strong dollar and cautious sentiment.
Going forward, markets are watching whether dollar strength stabilizes and whether further weakness in the yen prompts intervention from Japanese authorities—an event that could disrupt global funding conditions tied to cheap-yen borrowing.
For now, with activity subdued and potential large-scale selling in the background, the crypto market remains under pressure.
