Bitcoin broke down from its two-week rising channel on July 13, falling 1.4% to $62,860 while US forces struck Iran over the weekend, and the rejection at the 50-day moving average arrived before the Strategy disclosure and CPI print the market was supposedly waiting for.

Bitcoin trades near $64,200 on July 12, pressing into the confluence of horizontal resistance and the 50-day moving average, while Michael Saylor's cryptic “orange dots” post set off dueling interpretations over whether Strategy is about to buy again or quietly telling the market something else.

Bitcoin's most aggressive buyers of the bull market have gone quiet at exactly the prices where its oldest valuation model says accumulation historically happens, and the bid they abandoned is being picked up by whales while retail traders position for more downside.

Two of Bitcoin's most influential voices closed ranks against BIP-110, with Adam Back telling the proposal's supporters that “Bitcoin won't be joining” their fork and Michael Saylor warning that the real danger is the precedent, not the spam.

Bitcoin trades near $64,500 on July 11 after breaking above the descending channel that has contained price since early June, with the falling 50-day moving average now standing directly overhead as the first test of whether the move has continuation in it.