Bitcoin is once again under pressure and almost updated the 2026 lows. Several factors are weighing on it at once: investors continue to withdraw funds from spot ETFs in BTC, and the company Strategy has significantly slowed the pace of coin purchases.
On Wednesday, bitcoin (BTC) fell again and at one point reached $59,060. Even a sharp drop in oil prices could not change the market sentiment. After an agreement between the US and Iran, ship traffic through the Strait of Hormuz temporarily resumed, so inflation concerns eased slightly.
But for cryptocurrencies, this was not enough. The dollar continued to strengthen, and with it grew investors’ doubts that bitcoin could stay above $60K for long.
US Dollar Index and BTC/USD. Source: TradingView.
The dollar index DXY rose to its highest level in almost 13 months. Usually, this dynamic is a bad signal for bitcoin. When the dollar rises, interest in risky assets often decreases. In addition, some investors use BTC as a hedge specifically against inflation, and falling oil prices make this scenario less relevant.
Gold and Brent oil in US dollars. Source: TradingView.
Gold fell below $4,000 for the first time in several months, and Brent oil dropped to levels below $74 per barrel. In fact, prices have almost returned to where they were before the escalation around Iran.
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Investors are less focused on safe-haven assets. Gold has fallen, oil has rolled back, and the main money is again going where the market sees the main growth: technology companies and AI infrastructure.
It Is Harder for Bitcoin to Compete With the AI Sector
The Fed does not seem likely to cut rates quickly. Inflation is still above the target 2%, which means expensive money may stay for a long time. For the market, this is a simple signal: bonds and other fixed-income instruments look more attractive again.
Labor market data also does not help bitcoin. The number of jobless claims in the US fell by another 4,000 last week. The economy remains strong, so the Fed has less reason to change course sharply.
US M2 Money Supply. Source: St. Louis Fed.
At the same time, the money supply continues to increase. In May, the M2 indicator rose to $23.05 trillion from $22.8 trillion a month earlier.
Growth in liquidity alone does not automatically mean bitcoin will rise. For now, investors see more attractive opportunities in other market segments, primarily in technology companies.
Another confirmation was the report from Micron. The memory manufacturer published strong quarterly results, after which its capitalization reached $1.16 trillion. Over the past six months, the company’s shares have risen by about 265%.
A similar situation is developing in South Korea. According to CNBC, SK Hynix and Samsung now account for about 40% of the country’s entire stock market.
Strategy Is Buying Less and Less BTC
Another reason for caution was the latest purchases by Strategy. For the week ending June 21, the company acquired only 520 BTC. This is the smallest weekly reserve increase in about a year and a half.
In addition, about $300 million received from the placement of MSTR shares, the company decided to keep in cash reserves rather than use to buy new bitcoins.
Change in bitcoin reserves at Strategy (MSTR). Source: Strategy.
As a result, pressure on the market has intensified from several sides at once. In addition to the overall macroeconomic picture, the ongoing outflow of funds from spot ETFs and cooling interest in Strategy shares, which are now trading below the value of the company’s accumulated BTC reserves, added negativity.
Therefore, analysts believe that the $59K mark does not yet guarantee the formation of a local bottom, and the probability of a new decline remains high for now.
