Bitcoin remained under pressure on Tuesday but continued to trade around the psychologically important Rs. 60 lakh mark, suggesting that buyers are still stepping in despite fresh selling by the Bitcoin treasury firm Strategy. The world’s largest cryptocurrency has been volatile over the last few sessions, but analysts say improving macroeconomic conditions and steady buying demand are helping to limit the downside.
Bitcoin was trading at Rs. 60,00,201.23 at 10:37 am UTC (4:07 pm IST) on July 7, down 2% or Rs. 1,22,424.75 for the day. The global price was at around $63,200 after hitting an intraday high of $64,433 earlier in the day before giving up some of its gains.
Market Not Shaken By Strategy’s Bitcoin Sale
One of the biggest plays in the crypto market was Strategy’s decision to sell 3,588 Bitcoin worth nearly $216 million. The sale followed the company posting a $8.32 billion loss on its digital asset holdings in the second quarter.
Even though the transaction was large, Bitcoin did not collapse sharply. The selling was soaked up by buyers and prices quickly rebounded, which suggests demand is still fairly robust in the market, even when institutions are selling.
According to reports, Strategy sold 1,363 Bitcoin between June 29 and June 30 for an average price of $59,256 per coin. This was followed by a further 2,225 Bitcoin between July 1 and July 5 at an average price of $60,773. The company still holds 843,775 Bitcoin bought at an average price of $75,476 after the sales.
What Is Moving Bitcoin Prices?
Analysts say there are several global factors that are helping Bitcoin stay resilient.
A weaker US dollar, declining Treasury yields, and ongoing buying interest have helped counter the impact of the Strategy’s Bitcoin sale. Meanwhile, investors are refraining from taking aggressive positions ahead of two major events: next week’s US Consumer Price Index (CPI) data and the US Federal Reserve’s policy meeting, which could dictate the direction of risk assets.
Market participants are also watching ETF flows, crude oil prices, Federal Reserve commentary and geopolitical developments for clues as to Bitcoin’s next move.
Crypto Sentiment: Fear Strikes Again
As per the CoinDCX Research Team, the Crypto Fear and Greed Index remains at 28 as the market remains in the “Fear” zone. Investor sentiment continues to stay weak.
Day’s top performers:
Pyth Network is up some 9%.
DeXe +8.76%
Jito and LayerZero were up 5% or more.
The biggest losers in the meantime were:
MemeCore down almost 13%
Bonk down nearly 9%
Both Venice Token and Worldcoin are down over 5%
Bitcoin ETFs Keep Losing Money
Institutional interest in spot Bitcoin ETFs remains a concern for the market.
Bitcoin ETFs have had net outflows for eight weeks in a row, with no inflows since the first week of May. Analysts believe a reversal in ETF flows could spark Bitcoin’s next sustained rally.
Trump’s Strategic Bitcoin Reserve Plan Is in Trouble
Legal and bureaucratic challenges threaten the Trump administration’s proposed strategic Bitcoin reserve. Officials are trying to figure out whether the US Treasury has the legal authority to hold and manage government-owned Bitcoin, reports say, raising questions about the proposal’s future.
What Investors Should Watch Next
Bitcoin is down nearly 2% on the day but its resilience near the Rs. 60 lakh level shows that buyers are still in the game.
The next big catalyst for the cryptocurrency market will probably be US inflation data, signals from the Federal Reserve on its policy, ETF investment flows and global macroeconomic trends. If these are supportive, then Bitcoin may look to move higher again. But a new risk-off mood or more ETF outflows could keep volatility elevated in the near-term.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
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Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Bussiness, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
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