Bitcoin Nears $64K as Strategy Sells and Coldcard Warnings

Bitcoin edges higher amid Strategy sale and Coldcard wallet moves

Bitcoin climbed back above $63,000 on Tuesday after briefly dipping toward $62,227, testing buyers' resolve but ending the session about 1.6% higher over 24 hours. The rebound came even as corporate selling and suspected wallet-exploit activity hit headlines: Strategy disclosed a major BTC disposition and blockchain analysis linked a fresh wave of transfers to Coldcard-affected addresses. Broader crypto markets were mixed, with BNB and Dogecoin advancing and Ether remaining the sole large-cap token showing a weekly decline in an earlier Asian session snapshot.

Market snapshot and intraday action

Bitcoin spiked to an intraday high of $64,117 before settling near $63,545, keeping the coin inside the familiar trading range established since the sharp June sell-off. Traders continue to defend the $60,000 zone, but a decisive, sustained push above the $65,000 to $66,500 band remains elusive. That resistance band is critical for restoring bullish momentum and could reopen targets above $70,000.

Bitcoin price chart

Technical indicators point to limited momentum

Daily momentum metrics remain cautious. Stochastic RSI readings hover close to the lower bound, signaling limited upward steam, while the MACD remains under its signal line with a negative histogram. Together, these indicators imply the recent bounce is still subject to confirmation and that bulls need clearer follow-through before framing this move as a genuine trend reversal.

Strategy sells 1,638 BTC to fund dividends and buybacks

In an Aug. 3 SEC filing, Strategy revealed it sold 1,638 BTC between July 27 and Aug. 2, generating $104.73 million in proceeds at an average price of $63,957 per coin. The company allocated roughly $52.4 million to preferred stock dividends and $52.3 million to STRC repurchases. After the sale, Strategy reports holdings of 842,138 BTC acquired at an aggregated cost of about $63.51 billion.

The disclosure marks the company’s third public Bitcoin sale in 2026, aligning with a revised capital plan that allows periodic sales for dividends, repurchases and reserve management. CEO commentary emphasized the distinction between corporate moves and personal holdings: Executive Chairman Michael Saylor reiterated that Strategy is a public company and that his own position remains unchanged, noting he personally has not sold any Bitcoin.

Market reaction and implications

Strategy shares traded slightly higher after the filing, suggesting the market did not interpret the sale as an immediate red flag. Still, sizeable corporate disposals add liquid supply that market participants must absorb. Whether institutional selling becomes a sustained pressure point depends on follow-up disclosures and the cadence of future capital-management transactions.

Galaxy Research maps a fourth suspected Coldcard wave

Blockchain analysis by Galaxy Research highlighted a possible fourth wave of addresses tied to suspected Coldcard compromises. The updated estimate tracked 448.7 BTC moving from 709 potential victim addresses on Monday. When combined with earlier waves, the total linked transfers could reach roughly 1,815.75 BTC across 5,294 addresses, assuming no overlap.

Importantly, Galaxy’s conclusions rest on pattern analysis of onchain behavior and not confirmed device logs or law enforcement attribution. Coinkite, the maker of Coldcard hardware wallets, has said that a patched firmware now prevents the vulnerability for newly generated seeds. However, seeds created under the vulnerable firmware remain at risk: updating firmware does not change existing seeds, so affected users must create a brand-new seed and transfer funds to addresses derived from that seed to be secure.

Evidence favors migration over immediate selling

Onchain data from CryptoQuant supports a custody-migration narrative: transfers under 1 BTC surged to 39,600 BTC on Friday, the highest single-day total since the FTX collapse in November 2022. Such upticks in small-value transfers often reflect redistribution between wallets, freshly generated addresses, or movement to exchanges, rather than outright selling. Some transactions in the reported Coldcard wave also used Replace-by-Fee (RBF), which can allow users to counteract a suspicious unconfirmed transfer by broadcasting a higher-fee transaction redirecting funds to a secure wallet—an option that vanishes once a malicious transfer confirms.

Miners, onchain flows and distribution pressure

Analyst Ali Martinez estimated miners sold about 1,774 BTC last week, roughly valued at $112 million. Martinez’s figure is an analyst estimate derived from onchain patterns and should be treated as indicative rather than an audited total. Combined with corporate sales and the Coldcard-related transfers, miner distribution contributed to the week’s net supply into the market, testing demand at current levels.

Market participants are watching whether these supply-side events represent temporary redistribution or a structural increase in selling pressure. If buyers can absorb this supply without capitulation, the market’s resilience will be a bullish signal; if not, price tests of lower support levels are likely.

Key levels and scenarios traders should watch

Technical and onchain analysts point to a few decisive levels that will shape the short-to-medium-term narrative.

Bear and bull triggers

• Support: $60,000 — Buyers have repeatedly defended this area. A clean retest and hold could be constructive and might complete the right shoulder of a potential inverse head-and-shoulders setup described by some analysts.
• Resistance band: $65,000 to $66,500 — This zone acts as the neckline for the proposed reversal. A convincing breakout above here would put $71,000 and $76,000 back into view.
• Downside risk: $56,000 — A decisive loss of $60,000 could accelerate weakness toward this lower support and jeopardize the reversal thesis.

Analysts note that a properly executed retest of $60,000, followed by renewed strength, can be bullish in the context of pattern completion. Conversely, failure to hold $63,000 during the U.S. trading session would increase the probability of another pullback to $62,250 and potentially $60,000.

What holders and traders should do now

For long-term holders, the strategy remains risk-aware: ensure hardware wallets run firmware with the latest security patches, and, if a device was exposed to the vulnerable firmware, generate a new seed and migrate funds to fresh addresses. Short-term traders should watch orderflow and volumes around the $63,000 to $66,500 band and consider risk management strategies that account for potential volatility from corporate sales, miner distribution and onchain security events.

Conclusion

Bitcoin’s recovery above $63,000 shows buyers are willing to absorb short-term selling from corporate and miner dispositions as well as suspected Coldcard-related transfers. However, momentum indicators and the proximity to strong resistance mean the trend is not yet fully confirmed. The market’s next meaningful move will hinge on whether BTC can sustain a push above the $65,000 to $66,500 band or whether sellers will force another test of $60,000 and lower supports. For investors, staying current on onchain alerts, firmware advisories and institutional disclosures remains essential in assessing near-term price and security risk for BTC.