In this video I break down the latest Bitcoin price action and the broader crypto market structure to determine if this correction is ready to pivot. I cover the current Elliott Wave counts for Bitcoin, Total Market Cap, Total 2, and Total 3 to see if the recent pullback is following the anticipated roadmap. Video by More Crypto Online.
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As of August 1, 2026, Bitcoin (BTC) is trading at approximately $63,007 USD (€54,626 EUR), experiencing minor month-end volatility with a slight 24-hour decline of 0.34%. Despite the cooling price action over the last 48 hours, Bitcoin concluded July 2026 with a overall monthly gain of roughly 7.5%
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Bitcoin Insights Today
-August Seasonal "Curse": Historically, August is a seasonally weak period for crypto. “Four consecutive years of August declines averaging -10% creates a seasonal context that cannot be dismissed...” noted analysts at KuCoin. Whales appear to be positioning defensively for a potential drop to a $58,000–$62,000 bottom before a later Q3 rebound.
-Strategy's Playbook Shift: Major corporate treasury holder Strategy (formerly MicroStrategy) reported a massive $8.6 billion GAAP net loss for Q2 2026 due to an $8.32 billion unrealized markdown on its BTC holdings. In a massive strategy shift, management announced they are breaking their "buy-and-hold-only" playbook. They have authorized up to $1.25 billion in BTC sales to build cash reserves, cover interest, and fund share buybacks.
-Fed Interest Rate Uncertainty: Risk sentiment remains guarded following the Federal Reserve's July FOMC meeting. The Fed held interest rates steady at 3.50% to 3.75% for the fifth consecutive time. Fed Chair Kevin Warsh maintained strict "strategic ambiguity," leaving macro traders guessing whether a cut or hike will materialize in September.
-Coldcard Hardware Wallet Exploit: Security concerns arose after a major firmware flaw in Coldcard hardware wallets allowed an exploit to drain 594 BTC (roughly $38 million) across 500 wallets in a 25-minute sweep, triggering temporary network anxiety.
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