Bitcoin Rally Stalls Near $64K – Strategy's Biggest BTC Sale Fails To Shake Bulls

Crypto analyst Ted Pillows said Bitcoin faces an important support zone between $62,500 and $62,800 after failing to break resistance near $64,500.

• Bitcoin’s price remained in the green on Tuesday morning amid weakness in the U.S. stock market and geopolitical tensions lifting oil prices.
• Solana and Ethereum outperformed Bitcoin over the past 24 hours and were among the top-trending cryptocurrencies on Stocktwits.
• More than $526 million in crypto positions were liquidated over the past day, with Bitcoin and Ethereum traders incurring the largest losses.

Bitcoin (BTC) held in the green Tuesday morning, up over 7% for the week, while the stock market dipped in pre-market trade. Samsung earnings failed to impress global markets, and a fresh missile strike on a Qatari gas ship in the Strait of Hormuz lifted oil prices and tested the late-June peace deal.

Bitcoin's price rose to $64,400 overnight before easing back to around $63,200, up 0.7% in the last 24 hours. Crypto analyst Ted Pillows said that since Bitcoin was rejected at the resistance zone near $64,500, the key level to hold now is between $62,500 and $62,800. In a post on X, he forecast that a daily close below this level could push Bitcoin's price back to $60,000.

On Stocktwits, retail sentiment around the apex cryptocurrency climbed higher into the 'bullish' zone, and chatter rose to 'normal' from 'low' levels over the past day. Retail chatter picked up around Strategy's (MSTR) disclosure Monday that it sold 3,588 BTC for about $216 million, its largest sale since abandoning its never-sell stance. The market largely absorbed the news without breaking Bitcoin's recovery.

MSTR Stock Rattles, Then Steadies

MSTR’s stock fell 0.7% in pre-market trade after closing at a 5% gain in the previous session despite the sale. Retail sentiment on Stocktwits remained in ‘bullish’ territory over the past day, with chatter at ‘normal’ levels. 

“Bitcoin sales by Strategy are needed to restore confidence in STRC and its structure in general,” Grayscale's Zach Pandl wrote in a X post. According to him, the move reduces Bitcoin's short-term tail risk. 

Solana, Ethereum Outpace Bitcoin 

Solana (SOL) and Ethereum (ETH) outperformed Bitcoin in early morning trade. Solana’s price rose 1.3% over the last 24 hours to over $81 and was the top-trending cryptocurrency on Stocktwits at the time of writing. Retail sentiment on the platform around SOL trended in ‘neutral’ territory over the past 24 hours, with chatter at ‘normal’ levels. 

MN Fund founder Michael van de Poppe said on X that Solana is showing an "uptrend" and forecast that the altcoin would continue to rise, eventually crossing $100.

Ethereum’s price was trading at around $1,770 on Tuesday morning, up around 0.9% in the last 24 hours and among the top trending cryptocurrencies on Stocktwits. Retail sentiment around the leading altcoin on the platform trended in ‘bullish’ territory over the past day, with chatter at ‘normal’ levels. 

CoinGlass data showed over $526 million in crypto liquidations over the last 24 hours, with a near-even split between long and short bets. Bitcoin traders accounted for more than half of the losses at nearly $240 million, followed by Ethereum traders, who saw nearly $132 million wiped out.

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