Bitcoin has also struggled after Strategy paused buying BTC and started selling. It sold coins worth over $108 million last week, continuing a trend that it started last month when the value of its preferred shares dropped. The company hopes to restart its Bitcoin buying later this year.
Other top Bitcoin holders have started selling their coins to fund their AI pivot. This includes Bitcoin mining companies like MARA Holdings and Riot Platforms. This selling will likely continue as they take advantage of the AI boom.
Bitcoin wavered even after the US published an encouraging consumer inflation report. Data showed that the headline CPI dropped slightly to 3.4%, while the core CPI moved downwards to 2.4%. These numbers mean that the Federal Reserve will not hike interest rates this year since last week’s nonfarm payrolls report came short of expectations.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair remains under pressure this week. It has moved slightly below the 50-day Exponential Moving Average (EMA). at the same time, the pair remains below the descending trendline that links the highest swings since June 15 this year.
The Relative Strength Index (RSI) has continued moving downwards in the past few days. Therefore, the most likely Bitcoin price forecast is bearish, with the next target to watch being at 60,000. A drop below that level will point to further downside, potentially to 57,500. On the other hand, a move above the resistance level of 66,000 will point to more upside in the coming weeks.
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Crispus Nyaga is a Technical Analyst at DailyForex with more than eight years of experience as a financial analyst, coach, and trader. He specializes in technical analysis of major currency pairs and cryptocurrencies, using chart patterns, trend structure, and key indicators to frame trading scenarios for Forex and digital asset markets. Crispus has worked with well-known brokers including ATFX, easyMarkets, and OctaFX, and his market commentary has been published widely on platforms such as Seeking Alpha, InvestingCube, Capital.com, and Invezz.
As seen on: SeekingAlpha, Macrostreet.com, Invezz.com, Forbes, Investing.com, Marketwatch, Crypto.news
