Bitcoin has broken below its 50-month exponential moving average following a catastrophic June that wiped out over 20% of its value, marking the steepest monthly decline since June 2022. The cryptocurrency traded near $62,830 on Wednesday, July 8, 2026, after breaching the critical $60,000 to $65,000 support zone that had held firm since early 2023.
The selloff accelerated after Strategy disclosed on July 6 its largest-ever Bitcoin disposal, selling 3,588 BTC for approximately $216 million between June 29 and July 5 to cover preferred security dividends. This marked only the firm’s second sale since 2022, leaving 843,775 BTC in reserves. Compounding bearish pressure, June spot Bitcoin ETF outflows hit record levels, turning 2026 flows negative, while weak payrolls data showing just 57,000 jobs added versus expectations above 100,000 failed to provide relief despite reviving Federal Reserve rate-cut speculation ahead of the July 28-29 meeting.
FXnCO Insight
Traders should monitor the $60,000 level as critical support, with a monthly close below the 50-month EMA signaling a confirmed long-term trend reversal that warrants defensive positioning.
Source: Finance Magnates