In this video I break down the latest Bitcoin price action and identify the key levels to watch as the market navigates a potential July rally. I provide a detailed Elliott Wave analysis to determine if the current move is a sustainable recovery or a deceptive bear market trap. Video by More Crypto Online.
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Bitcoin (BTC) is trading around $61,616 as of July 8, 2026, pulling back over 2% today after facing heavy resistance and a sudden shift in geopolitical risk.
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Bitcoin Insights Today
-Geopolitical Shockwaves: Prices tumbled below the $63,000 mark after U.S. President Donald Trump announced that a tentative ceasefire with Iran was over. This raised fresh military concerns and sent Brent crude oil soaring near 6%, dampening overall investor appetite for risk assets.
-Strategy Inc. Sell-Off Absorbed: Michael Saylor’s Strategy Inc. disclosed a massive $216 million Bitcoin sale earlier this week. Analysts from Glassnode noted that the market completely absorbed this forced selling pressure without a major dip, highlighting solid underlying liquidity.
-ETF Flow Reversal: After a record-breaking $4.5 billion outflow in June, spot Bitcoin ETFs have turned green in early July, recently posting single-session net inflows of $221 million to $266 million led by Fidelity and BlackRock.
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