Bitcoin slid below $64,000 on August 10, pulling back sharply after facing resistance near 65,200 Dollar and hitting a daily low of just under 63,770 US-Dollar, according to market data reported by Bitcoin.com News. The sudden price reversal triggered wider liquidations across the digital asset market.
The downturn followed a strategic corporate asset sale and renewed criticism from financial commentators. Market watchers noted that the correction quickly impacted leveraged accounts, dampening optimism that had briefly driven the leading cryptocurrency back toward the 65,000-Dollar mark earlier in the weekend.
As trading desks evaluate the broader macroeconomic climate, industry participants are closely tracking how institutional balance sheet shifts and retail sentiment interact around key psychological price levels.
Corporate Sell-Off and Market Liquidations
The downward pressure intensified after the Bitcoin-treasury firm Strategy sold 1,690 coins between August 3 and August 9 at an average price of 64,262 US-Dollar per coin, Bitcoin.com News reported. The company generated 108.6 million US-Dollar from the transaction to fund the repurchase of STRC preferred shares, reducing its total holdings to 840,447 coins acquired at an average purchase price of 75,385 US-Dollar per coin.
The liquidation wave erased over $47 million in leveraged long positions across 24 hours, while short liquidations topped $12 million. The broader crypto market capitalization contracted by more than 20 billion US-Dollar in less than four hours, dropping from 1,3 trillion US-Dollar to 1,28 trillion US-Dollar as the asset slipped to an intra-day low of just under 63,770 US-Dollar.
Strategy CEO Phong Le defended the portfolio adjustment during discussions of corporate liquidity, stating that the firm’s reserve and duration metrics reached record highs following the transaction, according to Bitcoin.com News. Macro strategist Dan Hillery also supported the move on social media, framing the partial sale as a disciplined balance sheet optimization strategy.
Analyst Warnings and the 60,000-Dollar Threshold
Crypto critic and gold advocate Peter Schiff seized on the recent price drop to question corporate treasury strategies and warn retail holders about structural market risks. Schiff argued that newly introduced exchange-traded funds could expose novice participants to volatility.
Writing on social media during prior market tests, Schiff emphasized that maintaining a support floor near $60,000 remains vital to prevent a deeper correction, noting that failure to hold that psychological barrier could trigger a more drastic drop for market participants, as outlined by Kryptomagazin.cz.
Schiff also directed criticism at Strategy’s corporate model, questioning the economic viability of its asset allocation choices in light of shifting quarterly returns, as detailed by Bitcoin.com News.
Broader Ecosystem Pressures and Outlook
The recent price movement coincides with ongoing regulatory discussions and technical debates across the network, including community scrutiny surrounding legislative proposals like the CLARITY Act and a BIP-110 chain split, according to Bitcoin.com News. Analysts continue to monitor exchange order books and institutional accumulation patterns to determine whether spot demand can absorb ongoing corporate treasury adjustments.
Traders and investors seeking updated figures and official corporate disclosures can review periodic filings through investor relations portals or track real-time index pricing on verified financial data aggregators.
Keep reading