Bitcoin hovers near $64K as traders shrug off Strategy sales and Coldcard sweeps

Bitcoin holds near $64,000 despite ongoing Strategy disposals and Coldcard wallet sweeps

Bitcoin is hovering close to the $64,000 mark, showing resilience even as notable BTC holders—Strategy and Coldcard—execute sales and wallet sweeps. The cryptocurrency is up 1.9% over the past 24 hours, according to the latest data, and most major altcoins are in the green on the week. Ether is the outlier, trading lower, which has widened the gap between BTC and ETH performance.

The current price action suggests that traders are looking past the immediate supply overhang from these known sellers. Strategy, formerly MicroStrategy, has been selling Bitcoin as part of its treasury management, while Coldcard, a hardware wallet maker, has been sweeping funds—likely for operational reasons. Yet the market's ability to absorb this supply without a significant pullback points to steady demand underneath.

Meanwhile, Asian equities are under pressure, driven by jitters in the AI trade, which has spilled over into tech-heavy indices. This divergence between crypto and equities is notable, as it hints that digital assets are being driven by their own dynamics rather than simply mirroring risk sentiment.

What's driving Bitcoin's resilience: supply absorption and macro backdrop

Strategy and Coldcard sales: a known overhang that's losing its sting

Strategy's Bitcoin sales have been well-telegraphed, and the market has had time to price them in. Similarly, Coldcard's wallet sweeps are routine operations that don't necessarily signal a bearish stance. In fact, such moves are often interpreted as liquidity management rather than a change in conviction. The fact that Bitcoin is climbing despite these headwinds suggests that the marginal buyer is more active than the seller.

AI-trade jitters in Asia: a potential risk-off spillover that hasn't materialized in crypto

Asian equities are selling off on concerns about the sustainability of the AI-driven rally. This has historically been a risk-off signal that could pressure crypto. However, Bitcoin's strength indicates that crypto investors are either ignoring this or viewing it as an opportunity to accumulate. The decoupling could be temporary, but for now, it's a positive sign for BTC's near-term momentum.

Key levels and assets to watch: BTC's $64K pivot and ether's lag

Bitcoin's price action around $64,000 is crucial. A sustained move above this level could open the door to retest recent highs, while a failure might lead to a pullback toward the $60,000–$61,000 zone. Traders often use technical indicators like moving averages and RSI to gauge momentum in such scenarios. The 24-hour gain of 1.9% suggests bullish momentum, but the weekly performance of ether is a red flag that warrants attention.

Ether's underperformance could be due to a variety of factors, including rotation into Bitcoin or concerns about network activity. For traders, watching the ETH/BTC pair might offer clues about market sentiment. If ether continues to lag, it could signal a preference for Bitcoin as a store of value over ether's utility-driven narrative.

What this means for traders: reading the tape beyond the headline

For traders, the key takeaway is that supply events like Strategy's sales are not always bearish if demand is strong enough to absorb them. The current price action suggests that the market is in a phase where good news is being amplified and bad news is being ignored. However, this can change quickly, especially if macro conditions deteriorate.

One risk factor to watch is the AI-trade jitters in Asia. If those spill over into US markets, crypto could face selling pressure as part of a broader risk-off move. Traders should also keep an eye on any regulatory news or changes in the signal rooms sentiment, as these can trigger sharp moves.

Another aspect to consider is the potential for increased volatility around key economic data releases. A hotter-than-expected CPI or a hawkish Fed could dent risk appetite, while a cool CPI might boost crypto. Using live price charts and staying updated with educational resources can help traders navigate these scenarios.

Ultimately, the current setup is a test of Bitcoin's ability to hold gains in the face of known supply and external risk-off signals. If BTC can maintain its upward trajectory, it could attract more buyers, but a breakdown could lead to a swift correction. As always, risk management is paramount.