Bitcoin · Strategy · Strait of Hormuz · CoinDesk
Bitcoin held in the low $63,000s on Tuesday after an overnight push above $64,000 faded
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Bitcoin traded around $63,170, per CoinDesk data, after touching $64,400 in the early hours and slipping back.
Key facts
- Ether held near $1,770, up 11.6% on the week, while XRP and solana kept most of their weekly gains at $1.13 and $80
- Bitcoin held in the low $63,000s on Tuesday after an overnight push above $64,000 faded, a round trip that left the token roughly flat on the day but still up about 6% over the week
- Bitcoin traded around $63,170, per CoinDesk data, after touching $64,400 in the early hours and slipping back
- The institutional bid has all but vanished," said Yusuf Fakhro, partner at ARP Digital, pointing to CME futures open interest at a 32-month low and a term structure at its tightest since early 2023
Summary
Bitcoin is holding in the low $63,000s after a brief push above $64,000, extending a roughly 6 percent weekly gain despite a large sale by Strategy that the market largely absorbed. The rebound from late-June lows near $58,000 comes as institutional futures activity has thinned and downside options protection has become unusually expensive, leading some derivatives traders to see signs of a late-stage washout. Rising oil prices after a fresh attack near the Strait of Hormuz and renewed weakness in Asian tech shares add macro uncertainty, even as bitcoin has recently decoupled from sliding AI and chip stocks. Bitcoin held in the low $63,000s on Tuesday after an overnight push above $64,000 faded, a round trip that left the token roughly flat on the day but still up about 6% over the week.