Bitcoin took a hit amid a global sell-off in risky assets, plunging below $64K and towards the lower boundary of the upward trading range in place for almost two weeks. Unless there is a rebound from current levels, we will have grounds to conclude that the rally has ended. A break below the recent lows in the $59K–$60K range would confirm that the sell-off has reached a new level, with a potential target for bears near $45K.
Crypto News
Bitcoin remains under pressure amid fears of further selling by Strategy, according to QCP Capital. The company may need to sell more BTC to fund its dividend payments.
One of Strategy’s main mechanisms for buying Bitcoin has ceased to function normally. Stretch (STRC) preference shares have traded below their $100 par value for several weeks, limiting the company’s ability to raise funds through them to buy new BTC.
BitMEX co-founder Arthur Hayes has begun increasing his holdings in the second-largest cryptocurrency following the altcoin sell-off. According to Onchain Lens, 4,400 Ethereum, worth approximately $7.9 million, were deposited into a wallet linked to him over two days.
Selling pressure in the altcoin market has reached its highest level in the past five years. The cumulative net selling volume on centralised exchanges has approached $209 billion, according to CryptoQuant. This is the worst figure since records began in 2020.