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Bitcoin steadies for monthly gain despite rate and ETF outlook jitters
Bitcoin is set to finish July up about 7.5%, helped by lower forced-selling leverage after late June liquidations.
Bitcoin is holding a monthly gain despite a stack of headwinds, with CoinDesk noting BTC is poised to end July up roughly 7.5% even as it dipped below $63,000 on Friday and fell about 3% on the day.
Analysts cited by CoinDesk attribute bitcoin’s relative resilience to leverage being largely flushed out during the selloff that pushed BTC below $58,000 on July 1, leaving forced selling less of a factor during the more recent volatility. CoinDesk also points to liquidations staying below the year’s typical $400 million to $500 million range, signaling limited forced selling.
Traders are still watching macro catalysts, with CoinDesk saying expectations for additional Federal Reserve tightening and higher bond yields have weighed on broader risk sentiment. Investors are also waiting on U.S. jobs data and clarity on the Fed path to determine whether spot bitcoin ETF inflows can resume.
CoinDesk adds that the market is digesting fallout from a Coldcard security incident, in which at least $38 million worth of bitcoin was stolen. The outlet says the proceeds have not been liquidated yet, but liquidation expectations could weigh on bitcoin pricing in the near term.
Latest closeBitcoin $62,921.86 ▼2.8%