Bitcoin is climbing into new territory after absorbing all the sell pressure caused after Strategy sold off 3,588 BTC for about $216 million over four days, from June 29 to July 5.
President Trump fueled the move by publicly announcing himself as a “big crypto guy” and announcing that the United States was “taking over crypto.” It’s a massive industry,’ and it’s also a possibility for Treasury accounts linked to digital assets,” he added.
Strategy’s BTC Sale Drove Bitcoin’s Price Down
The details were confirmed in an SEC filing. Between June 29 and 30, Strategy sold 1,363 BTC for $80.8M and an additional 2,225 BTC for $135.2M from July 1 to 5. The company currently has 843,775 BTC on its balance sheet and reserves of $2.55 billion.
The sale is part of a larger move that was reported earlier by CoinGape. The digital credit framework that Strategy is currently working on would enable it to sell up to $1.25 billion worth of Bitcoin to buy back its digital credit instruments.
Bhutan Govt. also sold around $43M worth of Bitcoin just 2 days ago causing bearish pressure.
BTC Technical Analysis: $65000 Acting as a Major Resistance
Bitcoin’s 4-hour BTC/USDT chart shows it was consolidating around $58,500–$59,500 demand zone.. Price consolidated in that zone for a few days until it broke out and moved aggressively to the $64,000 price level.
The RSI (4 hours) is in the neutral zone around 67. With that, Bitcoin moves into bullish territory but hasn’t been overbought just yet. The upcoming resistance level is $65,000. The major support is just under $61,500.
A significant breakout above $65,000 implies that a move to $68,000 and up is possible. It is likely to pull back to $61500 if it consolidates here and then make another attempt to the upside.
What Comes Next for Bitcoin
The crypto comments from Trump paired with huge demand under $60k absorbed all the sell pressure. The next immediate test will be the $65,000 resistance. The clean break above it, particularly while RSI remains below 70, will provide some breathing room for Bitcoin.
It’ll be intriguing to see if the rest of the selling strategy under Strategy’s digital credit plan puts more pressure on the supply in the coming weeks, but the market has demonstrated that it’s capable of absorbing that type of pressure.
If you’re looking for the best crypto analysis website, check out our coverage on crypto research tools.
