Bitcoin (BTC) slipped below $107,000, starting the week in the red as markets turned cautious ahead of the July 9 US tariff deadline. Broader market sentiment was mixed, with several altcoins registering sharp declines, while others registered marginal increases.
The flagship cryptocurrency is down nearly 1% in the past 24 hours, trading around $106,540.
Strategy Acquires Another $530M Worth Of Bitcoin (BTC)
Bitcoin treasury company Strategy has acquired another 4,980 BTC for $531.9 million, taking its total stash to 597,325 BTC, valued at over $64 billion. The purchase comes at an average price of $106,801 per BTC. The company has financed recent purchases through a mix of capital raised via common stock (MSTR) and newly issued preferred stock (STRK and STRF). The stocks are part of the company’s at-the-market equity programs. These efforts reflect an $84 million capital raise initiative under Strategy’s 42/42 plan, which will fund Bitcoin purchases until 2027.
Strategy founder and executive chairman Michael Saylor is bullish about Bitcoin. Speaking at the BTC Prague conference, he claimed the flagship cryptocurrency could rise to $21 million over the next 21 years. Strategy’s average Bitcoin purchase price sits at $70,982 per coin, resulting in over $21 billion in unrealized gains. The company’s Bitcoin stash has made it the largest publicly traded Bitcoin treasury.
Bitcoin (BTC) Sets Record June Close
Bitcoin (BTC) closed June in the red, dropping over 1%. However, it held above $107,000 on Monday, closing at $107,167 to achieve its highest monthly close in history. This is a significant milestone for the flagship cryptocurrency, surpassing previous record monthly closes of $104,600 in May and $102,450 in January. Despite the record monthly close, analysts point out that the June candle formed a “pin bar” pattern, characterized by a small body and extended wicks.
Bitcoin Miners’ Market Cap Rises
The market capitalization of the 13 US-listed Bitcoin mining companies crossed $28 billion on June 27, a 23% month-over-month increase. The growth was driven by miners with high-performance computing (HPC) exposure after reports that CoreWeave was exploring the acquisition of Core Scientific. Despite the jump, the seven-day rolling average network hashrate on June 27 was over 100 EH/s below levels recorded in May. Analysts believe US operators, including Riot, Cipher, and IREN, reduced operations due to the recent heatwave and the resulting increases in spot power pricing.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has started the week in the red as markets turn cautious thanks to the July 9 tariff deadline. The flagship cryptocurrency traded in positive territory over the weekend, registering marginal increases on Friday and Saturday. Price action picked up on Sunday as BTC registered an increase of almost 1% to cross $108,000 and settle at $108,350. However, market sentiment changed on Monday, and the price fell over 1% to $107,167. BTC is down 0.50% during the ongoing session, trading at $106,630.
BTC supply in profit registered a sharp increase, rising from 87% to 98% between June 22 and Sunday, according to data from Grassnode. Over 96% of all Bitcoin were in profit as of Tuesday. Historically, such high levels have led to market volatility as profit taking grows. For instance, BTC fell from $109,000to $74,000 between January and April, a drop preceded by the profitable supply rising to 98.8% on January 21. Profitability data also reflects bullish yet cautious market conditions, with the realized profit/loss ratio rising from 1.1 to 2.8, crossing the high band threshold of 2.4.
Meanwhile, Bitfinex analysts believe BTC’s rally is losing steam as buying pressure fades and traders lock in their profits. BTC has surged over 40% since dropping to its year-to-date low of $73,273. However, Bitfinex analysts stated that momentum is starting to fade.
“For the first time in that uptrend, momentum has begun to fade.”
The analysts believe that on-chain metrics and order flow data suggest BTC may be entering a period of consolidation after reaching a local top, with “continued vertical acceleration” on the sidelines for now.
“Spot volume has cooled, taker buy pressure has weakened, and profit-taking has intensified — especially among short-term holders who rode the move from sub-$80,000 levels.”
However, some analysts, like economist Donald Dean, believe BTC is preparing to move to $130,000.
“BTC - Getting Ready to Move Price Target: $130,981. BTC is getting ready to move higher with tight consolidation at the volume shelf. Also, Cup and Handle. Next target is at the Golden Ratio $130k.”
BTC price action was bearish over the previous weekend, dropping 1.18% on Friday and 1.17% on Saturday to settle at $102,180. The price plunged below $100,000 on Sunday as bearish sentiment intensified, falling to a low of $98,385 before recovering to reclaim $100,000 and settle at $100,985. Price action turned bullish as BTC rose over 4% on Monday to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66% to cross $106,000 and settle at $106,137. BTC crossed $107,000 on Wednesday after registering an increase of 1.19% and settling at $107,397.
Source: TradingView
BTC lost momentum on Thursday, dropping 0.39%, slipping below $107,000, and settling at $106,980. It recovered to register marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as BTC registered an increase of nearly 1% to cross $108,000 and settle at $108,350. However, BTC started the current week in the red as markets turned cautious thanks to the July 9 tariff deadline looming. As a result, the price fell by over 1% to $107,167. BTC has slipped below $107,000 during the ongoing session, with the price down 0.65% at $106,488.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
