[DigitalToday reporter Jinju Hong (홍진주)] Bitcoin has slipped back toward the key $60,000 support level, increasing short-term downside pressure. A surge in oil prices, global rate jitters and the possibility of additional bitcoin sales by Strategy are emerging at the same time, weighing on investor sentiment.

On July 8 (local time), blockchain media outlet Cointelegraph reported that bitcoin fell 3.5% on the day. The market is pointing to rising oil prices, turmoil in Japan’s bond market and the issue of Strategy’s bitcoin sales as key factors behind the decline.

Bitcoin tried to reclaim $64,500 the previous day but failed to break through resistance and then stayed weak. Nasdaq 100 futures, led by tech shares, also fell over the same period. Unlike equities, which recovered part of their losses, bitcoin failed to stage a clear rebound even around $62,000. The market is seeing analysis that selling pressure unique to the crypto market is at work in addition to macro factors.

The first factor cited is international oil prices. Brent has risen to $74 a barrel from $68 recently. Concerns over supply disruptions in the Middle East grew after a memorandum of understanding between the United States and Iran effectively collapsed. U.S. President Donald Trump also said the agreement between the two countries ended after U.S. strikes on facilities inside Iran, raising tensions.

Rising oil prices stoke inflation worries, weakening expectations for U.S. Federal Reserve rate cuts. The market is pricing in the possibility of further tightening by September at about 69%, up sharply from about 42% a month earlier. As the rate burden grows, preference for risk assets including bitcoin is likely to weaken.

Unrest in Japan’s bond market is also shaking investor sentiment. Japan’s 10-year government bond yield has climbed to its highest level in about 30 years. That reflects growing worries that the Bank of Japan’s policy independence could weaken as the Japanese government stresses its economic growth targets. As Japan is the largest foreign holder of U.S. Treasuries, concerns are also being raised that volatility in its bond market could spread to global financial markets.

Geopolitical and trade risks are also a burden. At a NATO summit, Trump argued for halting trade with Spain over the issue of defense spending, reviving fears of global trade conflict. The market believes that if tensions among major countries widen, investor sentiment across risk assets could weaken further.

Within the crypto market, Strategy’s bitcoin selling has emerged as a direct supply-and-demand burden. Strategy disclosed that it recently sold about $216 million worth of bitcoin. Investors’ concerns grew in particular because the sale was carried out separately from an existing $1.25 billion bitcoin cash-out program.

The company faces substantial cash needs including preferred stock dividends and debt repayment. Annual preferred dividend obligations are about $1.76 billion, and it also holds more than $3.8 billion of convertible bonds that can be called for redemption before 2027. The market sees that, given this financial structure, it is difficult to completely rule out the possibility of additional bitcoin sales.

There have also been no friendly signals on the regulatory front. The Reserve Bank of India supports policies that effectively restrict crypto-related activities and maintains a stance that banks’ exposure to digital assets should be blocked. India’s tax authorities are also warning about the possibility of tax evasion through cryptocurrencies, bringing renewed focus to concerns over tighter global regulation.

The market sees the $60,000 support level as the biggest watershed for the time being. With macroeconomic uncertainty, the possibility of additional Strategy selling and global regulatory risks persisting at the same time, analysis suggests it will not be easy for bitcoin to quickly regain strong upward momentum. Investors are focusing on whether $60,000 holds, changes in the macro environment and institutional supply-and-demand flows.