Bitcoin's Recovery from 21-Month Lows
Bitcoin touched $64,400 intraday on July 7 before pulling back to around $63,100, putting it roughly 8% above the 21-month low of $58,000 it printed on June 29. That low did not arrive quietly. It came wrapped in Bank of America forecasting three more rate hikes, a hot PCE print reviving the worst inflation fears in months, and then the crowning indignity: Strategy, the company that turned institutional Bitcoin hoarding into a corporate identity, selling 3,588 BTC for approximately $216 million. The Fear and Greed Index bottomed at 11 that week. Extreme fear does not get more extreme than 11. Key Takeaways Bitcoin recovered from a 21-month low of ~$58,000 on June 29 to trade near $63,100-$64…
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