Bitcoin experienced sharp volatility on Monday, repeatedly failing to break past $65,500 resistance despite cooling Middle East tensions, leaving its price flat and wiping out $75 million in leveraged trades.
Key Takeaways
Bitcoin hit $65,500 on U.S.-Iran news before retreating to $64,336 on July 27.Sharp price swings triggered $75 million in long and short liquidations on Coinglass.Strategy held off on bitcoin buying despite raising $544M, stalling momentum.Despite pulling back to just over $65,000 shortly afterwards, bitcoin held ground through most of early Sunday morning. By 2:15 a.m. EDT, it reclaimed $65,500, only for an ensuing sell-off to push it under $65,000 nearly six hours later. A third attempt to break $65,500 failed, triggering a sharper drop to $64,336.
While the cryptocurrency reversed some losses, price action was generally flat, leaving its market capitalization at approximately $1.3 trillion. However, with just a few days remaining in July, bitcoin’s marginal rise left it closer to finishing the month with positive gains after starting it trading under $59,000.
Advocacy groups like the Crypto Council for Innovation (CCI) have pushed back against criticism that the legislation is weak on national security, highlighting that the bill represents the most comprehensive digital asset law enforcement effort to date by expanding AML/CFT rules. CCI also argues that the act establishes decentralized finance (DeFi) cybersecurity standards with NIST and provides FinCEN with $150 million for implementation.
