Trader

Bitcoin

Summer

Rekt

Bitcoin (BTC) saw flash volatility into Monday’s Wall Street open as markets reacted to tech company Strategy’s new BTC sales.
Key points:
<ul>
 <li>Bitcoin reacts sharply to news that Strategy had sold nearly 3,600 BTC.</li>
 <li>A rebound during the US trading session failed to recoup more than half of the day's losses.</li>
 <li>Strategy may reveal a compensatory BTC buy, an analyst suggests.</li>
</ul>
<h2 id="bitcoin-erases-holiday-gains-on-strategy-sale">Bitcoin erases holiday gains on Strategy sale</h2>
Data from TradingView showed BTC/USD dropping to near $61,000, sparking daily losses of more than 4%.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-07-0618-07-29.png" width="1134">
BTC/USD four-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 A rebound at the start of the US session pushed the price higher before settling around the $62,000 mark at the time of writing.
Strategy revealed that it <a href="https://cointelegraph.com/news/strategy-sells-bitcoin-bernstein-btc-target" rel="noopener noreferrer nofollow">sold 3,588 BTC</a> through July 5 to fund preferred stock dividend payments and replenish cash reserves.
Commenting on the latest BTC price moves, X commentator Exitpump suggested that the Strategy news was the catalyst for an already weakening market.
“Bearish signs were there, posted about it yesterday, news about Saylor selling just triggered more dump,” they <a href="https://x.com/exitpumpBTC/status/2074121098480812531" rel="noopener noreferrer nofollow">wrote</a>.&nbsp;
<blockquote>
 “Funding is still pretty positive. That was it i guess. Short term bounce from 61.2k and then more dump imo.”
</blockquote>
Exitpump referred to funding rates across exchanges, with a <a href="https://x.com/exitpumpBTC/status/2073793788363846107" rel="noopener noreferrer nofollow">post on Sunday</a> eyeing a buyer entity using a time-weighted average price (TWAP) method to add exposure.
“Once the TWAP buyer backs off, I wouldn't be surprised to see a fast flush lower,” they wrote, anticipating a price ceiling at $64,000.<img alt="" height="739" src="https://s3-images.ctmedia.io/media/content/hmjca9pwqaaygyv.png" width="1071">
BTC chart with funding rate data. Source: Exitpump/X
 Trader and analyst Rekt Capital appeared unsurprised by the behavior, reiterating similarities between current price action and the latter portion of the 2022 bear market.
“Generally, Bitcoin is doing the same exact thing now as it was doing in the Summer of 2022,” he told X followers.
An accompanying chart showed the 50-month exponential moving average (EMA) trend line potentially <a href="https://cointelegraph.com/markets/bitcoin-returns-to-62k" rel="noopener noreferrer nofollow">becoming new resistance</a>, just like four years ago.<img alt="" height="1402" src="https://s3-images.ctmedia.io/media/content/hmjtkbsxcaa8brq.jpeg" width="1814">
BTC/USD one-month chart with 21, 50EMA. Source: Rekt Capital/X
<h2 id="analyst-strategy-may-reveal-more-btc-buys">Analyst: Strategy may reveal more BTC buys</h2>
Others remained upbeat, with trader Jelle eyeing <a href="https://cointelegraph.com/markets/bitcoin-rsi-bullish-divergence-sees-analysis-call-2022-bottom-repeat" rel="noopener noreferrer nofollow">bullish divergences</a> on weekly time frames on the BTC/USD relative strength index (RSI).
Related: <a href="https://cointelegraph.com/markets/604k-becomes-most-important-area-five-things-to-know-in-bitcoin-this-week" rel="noopener noreferrer nofollow">$60.4K Becomes 'most important area': Five things to know in Bitcoin this week</a>
“I have seen the $BTC chart look much worse than this over the years,” he <a href="https://x.com/CryptoJelleNL/status/2074132760424542597" rel="noopener noreferrer nofollow">argued</a>.<img alt="" height="2466" src="https://s3-images.ctmedia.io/media/content/hmic4jjxuaaso-y.jpeg" width="3026">
BTC/USDT one-week chart with RSI data. Source: Jelle/X
 As <a href="https://cointelegraph.com/markets/bitcoin-supply-metric-prints-first-buy-signal-since-late-2022-as-bear-market-continues" rel="noopener noreferrer nofollow">Cointelegraph continues to report</a>, various onchain indicators have printed reversal signals absent since late 2022.
Crypto trader and analyst Michaël van de Poppe, meanwhile, suggested that Strategy itself could end up delivering a market rebound.
“The markets are reacting with a shock response to this news. $BTC drops, and it's clearly valuing the potential impact that Strategy can continue to sell Bitcoin going forward,” he <a href="https://x.com/CryptoMichNL/status/2074127475731255437" rel="noopener noreferrer nofollow">wrote</a> on X.&nbsp;
<blockquote>
 “However, I wouldn't be surprised to see a message in the coming days that they've been buying more $BTC than they've sold.”
</blockquote>

Bitcoin price falls up to 4% on Strategy BTC sale as trader sees Summer 2022 repeat

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