Bitcoin slipped below $64,500 as renewed uncertainty over the Strait of Hormuz sent oil almost 5% higher and dragged risk assets lower. Peter Schiff called the token the "anti-gold" after Strategy's latest BTC sale, even as $865.3 million in weekly ETF inflows and a shift to net-long futures positioning offered some support, though analysts called the rebound tentative. Bitcoin now faces a technical test at $65,400.
Bitcoin slipped below $64,500 during Monday's Wall Street open, wiping out its weekend gains as markets weighed fresh uncertainty over the Strait of Hormuz. The token had already been rejected at $65,200 earlier in the session before slipping under $64,000, CryptoPotato reported. BTC/USD then touched $64,447 on Bitstamp, its lowest level since Friday, before staging a modest rebound.
Oil Surges as Hormuz Standoff Drags Risk Assets Lower
The move mirrored US stocks, which initially fell as odds of the strait reopening appeared to fade. WTI crude oil rose almost 5% to $80.90 per barrel at the time of writing, while the S&P 500 reversed to trade higher, still below Friday's record close.
Iran's deputy parliamentary speaker Ali Nikzad said the strait's reopening has no military solution, as quoted by Al Jazeera. The Japanese yen also stayed under pressure, with USD/JPY hitting 159 despite an earlier joint intervention by Japan and the US.
Schiff Calls Bitcoin the 'Anti-Gold' After Strategy's Latest Sale
Crypto critic Peter Schiff used the pullback to renew his attack on Bitcoin. He pointed to Strategy's fourth BTC sale of the year, arguing the company had turned to fiat money because lenders lack confidence in Bitcoin as collateral.
Schiff also contrasted Bitcoin with gold, which gained 8% within a week after rebounding from its $4,000/oz support as central banks kept buying. According to Peter Schiff: "Bitcoin is anti-gold."
ETF Inflows and Long Futures Bets Offer a Counterweight
Analysts said Bitcoin's attempted rebound remains tentative despite some promising signals, even as institutional inflows show signs of strength. US spot Bitcoin ETFs recorded net inflows of $865.3 million last week, per data from Farside Investors, and Glassnode called those inflows strong.
On-chain platform CryptoQuant found that hedge funds flipped net long on CME Bitcoin futures, a shift CEO Ki Young Ju called rare. Momentum has also moved back toward neutral, with spot taker buying accelerating sharply even as exchange turnover stayed subdued, Glassnode said.
Bitcoin Faces a Critical Test at $65,400
Bitcoin also faces a technical test at $65,400, a resistance level that has repeatedly produced fakeouts, according to analyst Doctor Profit. He said a brief break above the level would not confirm a breakout — only several weekly closes above it would, opening the door to $77,000-$78,000 and eventually $83,000.
Doctor Profit sees Bitcoin forming a bottom inside the same $58,000-$74,000 range it traded in during 2024. The setup is building an accumulation zone between $54,000 and $64,000, he said.
Sources: Cointelegraph, CryptoPotato, CryptoPotato
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