Bitcoin

Bitcoin is diverging from record-high global equities — a classically bearish signal — while the $120M Coldcard hardware wallet hack rattles self-custody confidence and the BIP-110 governance dispute threatens near-term protocol certainty.

BTC is trading below all key moving averages (50-day EMA at $64,587, 100-day EMA at $67,025, 200-day EMA at $72,569) and has failed every rally attempt at the 50-day EMA for three consecutive weeks, keeping the medium-term trend firmly corrective.

Main Risk

BIP-110 Soft Fork Governance Dispute & Coldcard Hack Fallout

BIP-110's mandatory signaling window opens in early August and, even if it fails (as expected), the governance controversy and the ongoing Coldcard $120M exploit (with a third sweep wave confirmed by Galaxy Research) are suppressing institutional confidence at a critical technical juncture.