Bitcoin · Strategy · SpaceX · Bitcoin Magazine
Treasury Secretary Scott Bessent announced the freezing of more than $1 billion in Iranian crypto assets last week
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From a technical standpoint, the bitcoin price at $65,000 level is critical.
Key facts
- Bitcoin Magazine Pro data points to an initial support in the $63,000–$64,000 bitcoin price range, where bids emerged in February and March, with a bitcoin price of $60,000 representing the next
- The prior two, on February 24 and March 29, produced sharp recoveries above $70,000
- Strategy’s sale of 32 BTC for approximately $2.5 million in late May did rattle markets
- Treasury Secretary Scott Bessent announced the freezing of more than $1 billion in Iranian crypto assets last week, and the U.S. sanctioned Nobitex, Iran’s largest crypto exchange, on Tuesday
Summary
Bitcoin price is holding a risky position near $65,000 Wednesday, down roughly 12% over the past seven days and trading at its lowest level since February as a broad rotation out of crypto into competing speculative trades chips away at the foundation of its recent bull run. The world’s largest cryptocurrency touched a bitcoin price of $64,987 earlier in the session before a partial recovery, but analysts and strategists say the weakness runs deeper than any single catalyst. The most popular explanation, that Strategy’s (MSTR) first bitcoin sale in four years triggered the slide, is being challenged by a growing chorus of market voices. Charles Schwab director of digital currencies research and strategy Jim Ferraioli that the issue in simpler terms: bitcoin is losing its status as the market’s dominant momentum trade. “Bitcoin has been in a bear market since October,” Ferraioli said reporting.