Bitcoin Price Rises to $63.8k, Strategy Inc. Sells 3,588 BTC
Bitcoin (BTCUSD) price rose to $63,716.64 on Monday, outperforming a broadly positive market, primarily driven by a macro catalyst that eased fears of further rate hikes and triggered a short squeeze.
BTC rallied amidst a report that Strategy (MSTR) sold 3,588 bitcoins between June 29 and July 5 for approximately $216 million.
TradingView reported that the sales were executed in two tranches: 1,363 BTC at an average of $59,256 between June 29 and June 30 and 2,225 BTC at an average of $60,773 between July 1 and July 5, both well below Strategy’s average purchase price of approximately $75,476 per coin
The key investment impact is the confirmation that the firm is no longer a one-way buyer; it has formalised a policy to sell Bitcoin to fund corporate obligations, such as stock distributions.
This introduces a new and significant source of potential sell-side pressure into the market, creating two-way risk for traders, according to crypto analysts.
While the company’s massive 843,775 BTC treasury underscores its long-term conviction, its now-active selling adds a new variable to market dynamics.
Price reacted positively to weaker-than-expected U.S. jobs data, which reduced Federal Reserve rate-hike expectations and lowered the opportunity cost of holding Bitcoin.
The June U.S. Nonfarm Payrolls report showed only 57,000 jobs added, well below forecasts. This data reduced the likelihood of near-term Fed rate hikes, pushing Treasury yields and the dollar lower.
Spot Bitcoin ETFs saw $221.72 million in net inflows on July 2, ending a 10-day streak of outflows that had totalled $2.7 billion. This shift signalled a potential return of institutional demand.
Concurrently, as Bitcoin broke above $62,000, it triggered over $450 million in short liquidations, forcing buybacks that accelerated the rally.
The price surge was amplified by derivative market mechanics, creating a classic short squeeze.
Bitcoin’s immediate structure is bullish but faces a major test. It has reclaimed the $63,000 level and its 7-day Simple Moving Average ($61,338).
The key resistance band is $65,000–$67,000, which aligns with the 38.2% Fibonacci retracement level ($63,619) and the 30-day EMA ($63,524). A breakout here could target $69,500.
The trend has shifted from bearish to neutral-bullish within a broader corrective structure. The path of least resistance is higher if macro support holds.
Technical analysts and traders said a daily close above $65,000 to confirm bullish momentum, or a break below $62,600 to invalidate the short-term rally.
Bitcoin’s rally is supported by a favourable macro shift and reinforced by technical reclaims and a derivatives squeeze. However, it remains below longer-term averages, indicating the recovery is still young.
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