Bitcoin Gains Strength Despite Split Fed, Strategy Sale, and Mixed ETF Flows

A divided Federal Reserve, faltering US-Iran ceasefire, and large BTC sale from Strategy threatened to nix Bitcoin’s rally, yet bulls continued to defend the $60,000 support.

Bitcoin (

) spent the bulk of last week rangebound after opening near $61,820 on July 6. It then rallied to $64,000 on July 7 before returning to roughly $61,800 by Wednesday as traders cut risk ahead of the US Federal Reserve June FOMC minutes release.

policymakers divided over where interest rates may go next. Meanwhile, renewed fighting between the US and Iran drove oil prices higher and pushed the 10-year Treasury yield to 4.58%. In the typical fashion of a high-beta asset class, the crypto market absorbed the Wednesday drawdown and the Thursday bounce.

Traders’ leverage use also ping-ponged throughout the week as Bitcoin approached $64,000 on July 10. The larger question for the week ahead is whether the market is forming a base or simply reacting to short-term positioning.

The Rundown

• Spot Bitcoin ETF Flows: Did The Sell Trend End?
• Fed Minutes Highlight Split, Oil Rallies As US-Iran Ceasefire Cracks
• Strategy Sells Again, Traders Mark It As Routine
• What's On the Radar?

Spot Bitcoin ETF Flows: Did The Sell Trend End?