The cryptocurrency hit $64,400 overnight before retracting, yet it remains approximately 6% higher for the week. A new missile strike on a Qatari gas vessel in the Strait of Hormuz has influenced oil prices and tested the peace agreement established in late June, while Asian tech stocks faced renewed selling pressure.
By Shaurya Malwa Jul 7, 2026, 4:33 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Bitcoin has stabilized in the low $63,000s following a brief spike above $64,000, maintaining a weekly gain of roughly 6% despite a significant sale by Strategy that was absorbed by the market.
- The recovery from late-June lows around $58,000 occurs as institutional futures trading has diminished, and the cost of downside options protection has surged, leading some traders to believe a late-stage washout is underway.
- Increasing oil prices due to a missile strike near the Strait of Hormuz, combined with renewed weakness in Asian tech stocks, introduces macroeconomic uncertainty, even as Bitcoin has recently decoupled from declining AI and chip stocks.
Bitcoin remained in the low $63,000 range on Tuesday after retreating from a brief rise above $64,000, which left the cryptocurrency relatively unchanged for the day but still reflecting a weekly increase of about 6%.
Trading around $63,170, according to CoinDesk data, Bitcoin reached $64,400 earlier but then dropped back down. This movement occurred despite Strategy's announcement this week regarding the sale of 3,588 Bitcoin for approximately $216 million, marking its largest sale since it shifted from a never-sell policy, which the market absorbed without disrupting the ongoing recovery.
Meanwhile, Ether remained close to $1,770, representing an 11.6% weekly rise, while XRP and Solana maintained their weekly gains at $1.13 and $80, respectively. Most major cryptocurrencies showed little change for the day after a strong performance the previous week.
The recovery is strengthening even though the market's footing appears fragile. Bitcoin dropped to a 21-month low near $58,000 at the end of June, but has since rebounded into the low $60,000s, indicating a recovery rather than a breakdown, following a first half of the year where it closed down about 20%, with its first weekly close below the 200-week moving average, a significant trend line, since 2023.
Some derivatives traders interpret this washout as indicative of a late-stage scenario rather than an early one.
Yusuf Fakhro, a partner at ARP Digital, noted, "The institutional bid has all but vanished," pointing to CME futures open interest reaching a 32-month low and a term structure at its tightest since early 2023.
He further mentioned that the six-month options skew, which reflects the cost traders incur to hedge against a downturn, has surged to its fourth-highest level on record, with only previous spikes in June and November 2022, both occurring near significant cycle lows.
When the cost of downside protection rises this significantly, it suggests that the market is paying a premium for insurance just as the worst may already be accounted for.
Oil prices have also played a role, with Brent crude increasing by 0.6% to around $72.45 per barrel after a missile struck a liquefied natural gas carrier near the Omani coast as it departed from the Strait of Hormuz, according to Bloomberg. This latest attack challenges the peace deal established in late June.
Earlier this year, energy-related shocks tied to the Iran conflict contributed to crypto's decline before the truce alleviated those pressures, and this renewed escalation introduces a type of macro risk that had previously diminished from the market's perspective.
In other news, Asian shares have declined due to renewed selling in technology stocks, with South Korea's Kospi dropping by 6.7%, as reported by Bloomberg. Samsung Electronics fell by 8.3% despite a significant quarterly profit increase, and SK Hynix experienced a similar drop as it moved forward with plans for a U.S. listing. U.S. futures indicated a lower opening, suggesting that Monday's recovery on Wall Street may not persist.
Throughout much of this year, the downturn in AI and chip stocks has negatively impacted crypto markets, but this week, Bitcoin has remained stable while equities have declined.
Whether this separation endures, and if ETF inflows increase, will determine if the bounce back from $58,000 solidifies into a new base or fades. The renewed oil-related risks from Hormuz serve as a reminder that the macro environment that burdened crypto in the first half of the year has not been entirely resolved.
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