Bitcoin hits $64.5K week-to-date low as Strategy selling fears resurface
Bitcoin fell to a week-to-date low near $64,500 as renewed concerns over Strategy potentially selling more BTC capped upside ahead of the Fed FOMC meeting.
Bitcoin hit a week-to-date low of $64,500 on Wednesday as selling pressure mounted ahead of the Federal Reserve's FOMC meeting, with analysts flagging renewed concerns over Strategy's potential future BTC sales.
The largest cryptocurrency by market cap traded around $65,000 after dipping below the $64,500 level earlier in the session. The move lower came as market participants weighed the impact of Strategy, formerly MicroStrategy, possibly selling additional Bitcoin holdings in the coming months. The company, which holds a massive BTC treasury, has been a key driver of institutional demand, and any indication of selling could shift supply-demand dynamics. For crypto traders, the immediate focus is on the Fed's rate decision and commentary, as tighter monetary policy tends to weigh on risk assets including digital currencies. NowPrice's real-time crypto quotes show Bitcoin's intraday volatility has picked up, with the asset struggling to reclaim the $65,000 support level.
Looking ahead, the FOMC decision and Chair Powell's press conference will be critical for short-term direction. A hawkish stance could exacerbate selling, while a dovish outcome might fuel a recovery. Additionally, any official statements from Strategy regarding its BTC strategy would be closely watched. On-chain data also shows exchange reserves declining, suggesting long-term holders are accumulating, but the overhang of potential institutional selling remains a key risk for the week.