Bitcoin Eyes $65K Target as Sharplink Loads Up on $16M Ether
Bitcoin Eyes $65K Target as Sharplink Loads Up on $16M Ether
Bitcoin is showing signs of life after a rough stretch. Recent comments from the Federal Reserve have sparked fresh hope that the top crypto could push toward
Fed Remarks Lift Bitcoin Price
Bitcoin climbed after Federal Reserve Chair Kevin Warsh spoke about ongoing inflation pressures. The move came on Wednesday and helped the coin recover from a sharp dip. Still, many traders worry that higher bond yields and strong tech stock earnings could keep pressure on assets like crypto that do not pay interest.
The five-year Treasury yield rose to 4.22 percent. This shows investors want more return for holding government debt. Even with oil prices dropping to a four-month low, some expect more money printing ahead. The Treasury’s debt plans often matter more than Fed rate decisions.
Bitcoin Bounces From Lows but Caution Remains
Bitcoin fell to a 21-month low near $57,737 before bouncing back to around $61,490. Ether and Solana also moved higher, gaining 3 percent and 4.85 percent. Market fear is still high, with the fear and greed index sitting at just 11 out of 100.
Bitcoin is still down about one-third from the start of the year. Spot Bitcoin ETFs saw heavy outflows, with $4.5 billion leaving in June alone. This shows institutions remain careful despite the price rebound.
Analyst Warns of Possible Deeper Drop
Some experts think the bottom may not be in yet. Bitcoin closed June at $58,526 after dropping 20.5 percent, its worst month since 2022. It traded below the 200-week moving average but above the realized price of $52,000.
Analyst PlanB noted that past bear market lows happened below the realized price. He suggested Bitcoin could still fall to $52,000 before a true bottom forms. This view adds to the mixed signals in the market right now.
Sharplink Buys $16 Million in Ether
Sharplink, a crypto treasury company, bought $16 million worth of Ether last week. The firm purchased 5,000 ETH on June 25 and another 5,000 ETH the next day at an average price of $1,611 per coin. Its total holdings now stand at 866,725 ETH.
The company said the buys show its long-term plan to hold Ether as a reserve asset. This marks the first major purchase after an eight-month break and comes while Ether prices remain under pressure.
Market Enters Q3 With Less Leverage
Crypto markets started the third quarter with lower leverage after big liquidations in Q2. Long positions worth $8.35 billion were wiped out for Bitcoin and Ether. ETF outflows and slower buying from big players also played a role.
Less leverage makes the market more stable and reduces the chance of big forced selling chains. However, thinner order books mean prices can still swing fast when large trades hit. Liquidity is lower, so sharp moves remain possible.
Overall, Bitcoin’s path to <$65K> depends on how inflation talks and debt trends play out. Sharplink’s Ether buys add a positive note, but traders are watching closely for the next clear direction.
