Bitcoin's price has pulled back after briefly touching $64,400 overnight, but it remains up around 6% on the week. The token was largely unaffected by Strategy's $213 million BTC sale, which some saw as a significant event.
The rebound from late-June lows near $58,000 is attributed to institutional futures activity thinning and downside options protection becoming unusually expensive. This has led some derivatives traders to believe that the market may be experiencing a late-stage washout.
Rising oil prices after a fresh attack on a Qatari gas ship in the Strait of Hormuz have added macro uncertainty, but bitcoin's recent decoupling from sliding AI and chip stocks is seen as a positive sign.