1 month ago
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Key Takeaways
- BTC fell to $61,500 on the Strategy disclosure.
- Price reversed to $63,792 within four hours.
- $62.33M in shorts liquidated in four hours.
- Shorts account for 83% of the 4-hour wipeout.
The Sell-the-News Reflex
The disclosure that Strategy sold 3,588 BTC for $216 million, its first sale under the Digital Credit Capital Framework, hit the market around 12:00 UTC on July 6. The hourly chart shows the reflex reaction: Bitcoin dropped from the $62,700 area through both the 50-hour and 100-hour moving averages to a low near $61,500, on the heaviest hourly volume of the past week.
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