Bitcoin climbed back above $60,000 after Strategy Inc. (NASDAQ:MSTR) unveiled its BTC monetization and capital restructuring program, easing near-term concerns and supporting a rebound in crypto sentiment.
Notable Statistics:
- Coinglass data shows 86,762 traders were liquidated in the past 24 hours for $355.22 million.
- SoSoValue data shows net outflows of $444.5 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $12.9 million.
- In the past 24 hours, top losers include MemeCore, Velvet and Pi.
Notable Developments:
Trader Notes:
Analyst Ted Pillows noted that Bitcoin recorded its first weekly close below $60,000 in nearly two years, signaling a significant technical breakdown.
He also pointed to continued spot Bitcoin ETF selling and the prospect of Strategy selling Bitcoin as additional headwinds, arguing BTC is likely to fall toward $50,000 before eventually rallying to $100,000.
Trader Justin Bennett said Bitcoin’s first weekly close of the year below $60,000 reflects persistent bearish market structure despite expected end-of-month and quarter-end institutional positioning.
A short-term relief rally or bullish reversal is possible.
Expert Benjamin Cowen pointed out that Bitcoin posted a weekly close below its 200-week moving average, calling it another example of the recurring four-year market cycle.
He also noted that the first weekly close below the 200-week moving average during the 2022 bear market likewise occurred in June, suggesting a historical parallel with the current price action.
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