Bitcoin's most aggressive buyers of the bull market have gone quiet at exactly the prices where its oldest valuation model says accumulation historically happens, and the bid they abandoned is being picked up by whales while retail traders position for more downside.

Two of Bitcoin's most influential voices closed ranks against BIP-110, with Adam Back telling the proposal's supporters that “Bitcoin won't be joining” their fork and Michael Saylor warning that the real danger is the precedent, not the spam.

Bitcoin trades near $64,500 on July 11 after breaking above the descending channel that has contained price since early June, with the falling 50-day moving average now standing directly overhead as the first test of whether the move has continuation in it.

Bitcoin trades near $64,000 on July 10, resting on a monthly confluence of technical support, while investor Grant Cardone publicly argues the market still needs a capitulation move into the $40,000s before November. The setup pits a rare structural support level against a bearish roadmap from a high-profile buyer who says he wants price to break, not drift.

Bitcoin's ratio to gold has fallen further below its long-term trend than at any point since 2010. The oscillator tracking that gap printed minus 1.81 standard deviations this week, a deeper reading than either the 2015 or 2022 bear market lows.

Bitcoin climbed 1.5% to $63,800 on 10th of July in a market stuck in a strange place: down roughly 50% from its high, its aggressive buyers quiet for five weeks, and the usual capitulation sellers still missing.

Bitcoin fell to $62,000 on Bitstamp within minutes of US President Donald Trump telling reporters at the NATO summit in Ankara that he thinks the Iran memorandum of understanding is "over."

Strategy sold Bitcoin last week to fund preferred stock distributions, but the sale did not reduce the company’s $1.25 billion reserve-building capacity.

Bitcoin’s latest rebound is not being tested by price alone. On-chain and derivatives data show a mixed setup: leverage has started to cool, but funding remains elevated and a growing share of exchange inflows appears to be coming from holders moving BTC under stress.

Tether is bringing USDT back to the Bitcoin blockchain where it launched in 2014, using the newly live RGB protocol to enable private, near-instant transfers over the Lightning Network.

Strategy's Bitcoin sale drew a notably measured response from major institutions, with Grayscale and Bernstein framing the move as risk-reducing rather than bearish, even as spot ETFs logged fresh inflows.

The Trump administration’s plan to establish a Strategic Bitcoin Reserve has hit a bureaucratic roadblock as federal agencies clash over custody, complicating the transition toward a sovereign reserve.