Bitcoin held at the $64,600 level in Thursday’s trading, posting a slight daily gain and securing an additional 0.5% over the past week. However, this price stability comes just as traders await the expiration of SpaceX’s first share lock-up period, which will open free trading access for $101 billion worth of assets. The aerospace company owned by Elon Musk was recorded holding 18,712 BTC worth approximately $1.1 billion as of the end of June, prompting market participants to monitor every movement of their cash.
Caution regarding the maneuvers of this single large entity comes amid global capital flows that are starting to shift direction.
Catching the Price Below the 50-Day MA
Bitcoin’s price briefly declined to touch the $62,500 level last Monday. FxPro analyst Alex Kuptsikevich noted that buyers immediately capitalized on that correction phase. This buying action from lower levels pushed Bitcoin back up to break through its 50-day moving average (MA) indicator. Kuptsikevich assessed that investor optimism is currently more focused on Bitcoin than the broader stock market, a dynamic pattern typical of the early stages of a long-term capital flow shift.
While Bitcoin showed resilience, artificial intelligence (AI) sector stocks moved backward instead. The MSCI ACWI global stock index slipped 0.2%, ending a five-day winning streak. Heavier selling pressure hit the South Korean stock market, with the Kospi index plunging 4.4% due to declines in SK Hynix and Samsung shares. Meanwhile, SoftBank published its financial report on the same day, detailing a $34.6 billion investment in OpenAI through Vision Fund 2 since September 2024, alongside its asset position in chipmaker Arm.
Macro Signals Shift Direction
In the alternative cryptocurrency market, daily movements tended to be flat. Solana dipped 1% to the $74 range, while Dogecoin also weakened 1% to the $0.07 level. The HYPE token stood out as an exception, posting a 4% weekly gain, making it the major asset with the best growth performance record.
On the macroeconomic instrument side, traditional asset investment trends are also seeking new ground. Gold prices rose 0.4% toward their highest level since June as global market participants began trimming interest rate hike expectations. In the energy commodity sector, Brent crude traded below $80 per barrel. This figure remained capped after an Iranian representative claimed to have agreed on a cooperation path with Oman regarding securing oil shipments through the Strait of Hormuz.
For Bitcoin holders, the strong buyer defense at the $62,500 price limit indeed proves high market interest, but the real immediate test lies in where SpaceX’s liquidity will flow once its trading gates are opened. Reported from CoinDesk.
Read also: What is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
