Bitcoin price holds $65K as tech sell-off boosts BTC decoupling
Bitcoin price held around $65,000 even as tech stocks sold off, with traders watching a possible push toward $70,000. The article cites signs of “decoupling”: BTC strength while memory-chip and AI-linked names saw profit-taking amid valuation fears.
Derivatives sentiment looks cautious. Bitcoin perpetual futures’ annualized funding rate stayed near a neutral ~8% (well below the >12% bullish-leverage zone seen on July 10). Options also skewed bearish: the 30-day delta skew at Deribit was about +13%, implying puts were priced richer than calls. This suggests whales and market makers still prefer hedging downside risk rather than building aggressive long exposure.
A key supportive catalyst comes from Strategy (MSTR): it raised about $263M in cash by selling common stock, lifting reserves to roughly $3.22B. The move aims to reduce uncertainty tied to unrealized Bitcoin losses on its balance sheet, amid investor concern over Strategy’s $1.76B annual dividend to preferred equity holders and convertible debt maturities in 2028–2029.
Macro risk remains a headwind. Rising US 5-year Treasury yields (to ~4.33%) and a slide in AI-related stocks increased risk aversion, while President Trump vowed retaliation against Iran after a missile strike—keeping risk assets on alert. The piece notes that Bitcoin price strength could still continue if corporate earnings disappoint, particularly in the AI sector, potentially reigniting volatility toward $70,000.
Neutral
Bitcoin price is showing resilience (holding ~$65K and regaining ~$65K after a Nasdaq-100 drop), but the derivatives data argue against a clean, high-conviction bullish setup. Funding near ~8% and an options skew consistent with puts trading at a premium suggest traders are not broadly leaning into upside risk. This resembles periods where spot strength appears while leverage remains capped—often leading to choppy consolidation rather than immediate trend continuation.
At the same time, the Strategy cash raise reduces immediate sell-pressure risk from balance-sheet concerns, which can support dips and stabilize sentiment. On the macro side, higher Treasury yields and geopolitical risk typically tighten financial conditions, which can cap upside in the short term.
Net effect: short-term volatility may rise (as BTC reacts to earnings/macro headlines), but directional odds toward $70K are not strongly priced in by funding and option positioning. Longer-term, if decoupling persists and corporate earnings—especially in AI—remain weak, BTC could gradually build a base and revisit $70K.