Bitcoin Faces Selling Pressure Near $62,000 Amid Broader Market Consolidation
Renewed selling pressure spread across cryptocurrency markets, sending most large-cap digital assets lower.
Summary:
- Bitcoin fell briefly below $62,000 as risk assets weakened and leveraged positions unwound.
- Nearly $390 million in crypto derivatives were liquidated over the past 24 hours.
- The move comes as market sentiment deteriorates, pushing the Fear & Greed Index deeper into “Fear.”
Bitcoin Dips Amid Geopolitical Jitters
Bitcoin extended its decline on Monday, dipping shortly below the $62,000 mark as leveraged positions unwound across crypto derivatives markets, accelerating losses already driven by weaker risk sentiment. This drop accelerated losses already driven by broad risk-off sentiment, spurred by heightening geopolitical tensions in the Middle East. Markets are reacting to President Trump’s statement that the U.S. will reinstate a naval blockade on Iranian ports and assume the role of “Guardian of the Strait of Hormuz,” vowing to impose a 20% toll on cargo to secure the vital waterway. This move, following a weekend of renewed missile and drone exchanges between U.S. and Iranian forces, has injected fresh uncertainty into global markets, pressuring both traditional equities and crypto assets alike.
The largest cryptocurrency traded around $62,045 at the time of writing, down more than 3% over the past 24 hours.
The decline coincided with a sharp deterioration in sentiment. The Crypto Fear & Greed Index fell to 27, firmly inside “Fear” territory, reflecting investors’ growing caution after several sessions of broad selling.
Selling Pressure Extends
The decline was broad-based rather than isolated to BTC.
At the time of writing, the total cryptocurrency market capitalization had fallen to $2.14 trillion, down nearly 2.9% over the previous 24 hours, reflecting weakness across the digital assets.
Among major cryptocurrencies:
- Ethereum declined 2.8% to around $1,768.
- BNB lost roughly 2.5%.
- XRP dropped more than 3%.
- Solana fell approximately 3.3%.
- Hyperliquid (HYPE) led losses among large-cap tokens, sliding more than 6%.
- Dogecoin retreated about 2.7%.
- Stellar declined nearly 4%.
Only a handful of major assets outperformed. TRON limited losses to less than 2%, while Zcash remained one of the strongest performers over the past week despite falling more than 6% during the session.
Leverage, Not Panic Selling, Drove Much of the Decline
The sharp move lower appears to have been amplified by derivatives markets rather than large spot sales.
According to CoinGlass, nearly 93,800 traders were liquidated during the past 24 hours, with total liquidations reaching approximately $389.6 million.
The damage was heavily skewed toward bullish traders, with $328.1 million in long positions liquidated compared to just $61.5 million in short positions.
Bitcoin alone represented almost $117 million of those liquidations, followed by Ethereum at more than $82 million.
When long positions are liquidated, exchanges automatically close leveraged trades, creating additional market sell orders that can intensify existing price declines. Monday’s liquidation imbalance suggests much of Bitcoin’s weakness was driven by this cascading effect rather than a sudden wave of fundamental selling.
Dormant Whale Movement Draws Attention, But Selling Remains Unconfirmed
As prices weakened, blockchain data revealed another event that attracted traders’ attention.
A wallet that had remained inactive since October 2018 transferred 2,931 BTC, now worth roughly $184 million, to a new address, according to Onchain Lens.
A Bitcoin whale just woke up after 7 years.
2,931 $BTC (~$188M) was moved after sitting untouched since BTC traded at ~$6.5K.
Today, with BTC above ~$64K, the same stack is worth nearly 10x more.
Data credit: @arkham pic.twitter.com/y0JXIM91yK
— Onchain Lens (@OnchainLens) July 12, 2026
The same holdings were worth only about $19 million when they last moved nearly seven years ago.
Large dormant wallets often trigger speculation because investors monitor them for signs of potential profit-taking. However, the available blockchain data does not indicate that the Bitcoin was transferred to an exchange.
READ MORE: Bitmine, Strategy, Strive Deepen Corporate Crypto Bets
Without evidence of an exchange deposit, the movement is more consistent with internal wallet management, custody changes or security upgrades than an imminent sale. For now, the transaction appears noteworthy because of the wallet’s long dormancy rather than because it signals new selling pressure.
Market observers often distinguish between “exchange-bound” moves – which suggest imminent sell pressure – and “cold-to-cold” transfers, which are more frequently associated with institutional custody rebalancing or security updates
Technical Momentum Remains Weak
On the short-term 15-minute charts, Bitcoin remains in a sequence of lower highs and lower lows after failing to recover above $63,000 earlier in the session.
The Relative Strength Index (RSI) has rebounded modestly from oversold levels to around 40, suggesting selling pressure has eased but has not yet shifted into bullish momentum.
Meanwhile, the MACD is beginning to flatten after an extended decline, indicating bearish momentum is slowing, although a confirmed reversal has yet to emerge.
Taken together, the indicators point to stabilization rather than a meaningful recovery.
What Markets Will Be Watching Next
The focus now shifts from the whale transfer itself to broader market positioning.
Investors will be monitoring whether the dormant wallet moves additional Bitcoin or transfers funds to centralized exchanges, which would provide a stronger indication of selling intent.
At the same time, traders will watch whether derivatives leverage rebuilds after Monday’s liquidation cascade or whether positioning remains cautious.
For now, market data suggests leveraged long liquidations – not whale selling – were one of the main reasons behind Bitcoin’s latest decline. The dormant wallet movement added to investor attention, but available on-chain evidence does not currently indicate that the holder is preparing to sell.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
