Bitcoin drops 2%: technical sell-off and impact of Fed Minutes

Bitcoin Drops by 2%: Technology Sell-off, Oil Prices, and FED Minutes Impact Crypto Market

9 July 2026 on 06: 31

Reading time: 3 minutes

Bitcoin is currently trading slightly above $62.000 and has fallen by nearly 2% in the past 24 hours, reflecting a wait-and-see attitude in global markets. This pressure does not originate exclusively from the crypto sector but is primarily due to a sharp sell-off of stocks within the technology and AI sectors.

Recent profit-taking at Samsung has shaken Asian markets, while military escalation between the US and Iran has driven oil prices up by about 5%. All of this has led to a lower opening for US stock markets. Furthermore, the US Federal Reserve published the minutes of its June meeting on Wednesday, a report that traders typically follow with great interest in search of clues regarding the timing of an interest rate cut.

At this moment, the markets estimate the probability of unchanged interest rates at the next Fed meeting on July 29 at approximately 73%. For investors, however, the key insight will be the way the tone of the minutes emphasizes the Fed's perspective on inflation and interest rates.

Bitcoin's cumulative volume delta (CVD) indicates that traders bought on Monday, with an increase in the futures CVD of approximately $585 million and nearly $119 million in the spot market. This resulted in a net purchase of $705 million when BTC rose above $64.000.

But by Wednesday, sentiment had turned around. The need for risk mitigation in the run-up to rising oil prices and the sell-off in the semiconductor sector, combined with the upcoming publication of the Fed minutes, caused sales in the futures market to accelerate to nearly $500 million, while the spot market followed with a sales volume of $86 million.

The funding rate and open interest for Bitcoin have decreased, reflecting traders' choice to reduce their positions, but the weekly trend of positive funding rates remains intact.

The liquidations remain relatively limited in dollar value but are unilaterally targeted. On Wednesday, forced sales occurred almost exclusively on the long end, with approximately $47 million in long liquidations against $4 million in short liquidations.

Data from Hyblock indicates a large cluster of long positions around $61.000. Should Bitcoin trade in that area, such forced sells could push the price down further.

Despite the efforts of Bitcoin bulls to recover dips to $60.000 and lower, the largest price movement remains driven by activity in the futures market. Trading on Wednesday demonstrates how quickly beliefs and prices can shift when the primary source of the movement is futures-driven. General sentiment in the crypto market remains below the “fear” category, according to the Crypto Fear & Greed index.

In addition, recent events, such as the sale of 3.588 BTC by Strategy and the fact that the current price of Bitcoin is below its average of $74.582, have cast a somber shadow over the broader market. Investors must realize that the largest BTC treasury may act as a seller more frequently.

Frequently Asked Questions

What are the main factors contributing to Bitcoin's recent decline?
The decline in Bitcoin is due to a combination of external market factors, including profit-taking in the technology and AI sectors, geopolitical tensions, and awaiting important minutes from the Federal Reserve.

How do futures influence the price of Bitcoin?
Futures markets have a significant impact on the price of Bitcoin. Large movements in futures, such as increasing or decreasing positions, can quickly affect the price, especially when general market sentiment is negative.

What can investors expect from the price movement of Bitcoin in the coming weeks?
Investors must be alert to the market's reaction to Fed minutes and economic indicators. Additionally, it is important to closely monitor liquidity dynamics in the futures market and the sentiment trend in the crypto sector, as these elements are crucial for potential price movements.

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