Bitcoin Holds 200-Week SMA Amid Geopolitical Tensions and ETF Outflows
Bitcoin traded near $63,000 during Monday's European session, holding above its 200-week simple moving average (SMA) at $62,033, but sustainability is in doubt as spot ETF flows show institutions selling into the dip. Iran-Israel tensions and a rally in oil prices triggered risk aversion in Asian stocks, pulling BTC, ETH, XRP and others back from overnight highs. Analysts warn that if the 200-week SMA gives way, the selloff could deepen to the mid-$50,000s, with the next backstop between $48,000 and $52,000, where older mining rigs become unprofitable and miner capitulation historically aligns with cyclical bottoms. Meanwhile, two large crypto treasury companies diverge: Strategy sold 32 bitcoin to fund its yield obligation, while Tom Lee's BitMine upsized a preferred stock offering to raise $274 million for buying more ether. Arthur Hayes denied buying HYPE after onchain trackers flagged a wallet linked to him pulling tokens off Bybit, despite earlier tracking his selling near the top. The U.S. two-year Treasury yield hit a 16-month high of 4.19%, signaling market bets on a potential Fed rate hike, which is a headwind for risk assets including cryptocurrencies. Bitcoin fell nearly 14% last week, briefly dipping below $60,000, and volatility is expected to remain elevated ahead of U.S. CPI data. Binance's Pre-IPO perpetuals product captured over 60% category share within days of launch, with cumulative volume reaching $400 million driven by SpaceX at 79%.
Key facts
- Bitcoin holds above 200-week SMA at $62,033 as ETF outflows and geopolitical risks weigh.
- Analysts warn of potential drop to $48K-$52K if support fails, triggering miner capitulation.
- Strategy sells 32 BTC to fund yield; BitMine raises $274M via preferred stock to buy ETH.
- Arthur Hayes denies buying HYPE after onchain tracker flags wallet linked to him.
- U.S. 2-year Treasury yield hits 16-month high of 4.19%, signaling rate hike bets.
- Binance Pre-IPO perpetuals capture >60% share with $400M volume, led by SpaceX at 79%.