Bitcoin (BTC) Revives Thanks to Trump... Overcoming Whale Sell-off, Will the Bull Market Resume?

▲ Bitcoin (BTC)/AI Generated Image

Bitcoin (BTC) wavered to the mid-$61,000s on news of Strategy (MSTR)'s sell-off, but discussions about strategic Bitcoin reserves revived investor sentiment. Major cryptocurrencies largely remained flat, while Dogecoin (DOGE) showed weakness.

According to crypto media outlet Benzinga on July 6 (local time), Bitcoin recorded $63,925.65, up 0.63% over 24 hours. Ethereum (ETH) rose 0.52% to $1,794.35. XRP fell 0.88% to $1.14, Solana (SOL) rose 0.44% to $81.97, and Dogecoin fell 1.95% to $0.07618.

Bitcoin was pushed down to the mid-$61,000s early in the session after Strategy disclosed it sold 3,588 BTC worth approximately $216 million last week. Subsequently, investor sentiment improved as US President Donald Trump reconfirmed his pro-crypto policies from the Oval Office. Bloomberg, citing the White House, reported that the Trump administration continues to review the optimal structure for strategic Bitcoin reserves and US digital asset reserves.

In the cryptocurrency market, over $500 million was liquidated in 24 hours. According to Coinglass data, approximately $300 million of this was bearish short position liquidations. The Crypto Fear & Greed Index improved from 'Extreme Fear' to 'Fear'. The total cryptocurrency market capitalization increased by 0.48% in 24 hours, reaching $2.21 trillion.

US stocks started the trading week strongly. The Dow Jones Industrial Average closed at a record high of 52,319.20, up 136.46 points or 0.26%. The S&P 500 Index (SPX) rose 0.79% to 7,499.36, and the Nasdaq Composite climbed 1.52% to 26,213.72.

Crypto analyst and trader Michaël van de Poppe observed that Bitcoin has formed a higher low and could test its recent highs in a few days. He stated, “If Bitcoin returns inside the box range, there is significant upside potential. Liquidity is likely to flow into altcoins rather than Bitcoin.” Crypto commentator Ali Martinez set Ethereum's immediate resistance at $1,796, analyzing that if the daily close is maintained above this level, the possibility of a rally towards the $2,245 realized price target strengthens.

[Article Key Summary]

-Bitcoin recovered to $63,925.65 after being pushed down to the mid-$61,000s early in the session due to Strategy's sale of 3,588 BTC.

-The 24-hour liquidation volume exceeded $500 million, of which approximately $300 million was bearish short position liquidations.

-Michaël van de Poppe predicted that if Bitcoin returns to the box range, liquidity is likely to shift to altcoins.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*