Bitcoin's summer swoon creates unique trade in Strategy

Bitcoin's nearly 9-month slide has even HODLers quaking in their boots.

Despite the severity of the sell-off so far, several of the most reliable technical indicators — specifically exponential moving averages (EMA), weighted moving averages (WMA), MACD, and the Directional Movement Index (DMI) — continue to lean decidedly short.

History provides a stark reminder of how deep crypto winters can cut. Prior to the current cycle, bitcoin's five worst historical drawdowns were significantly more brutal; four of them exceeded 80%. If a similar capitulation plays out today, a retracement of that magnitude would drag the digital asset back into the $22,000 neighborhood.

This weakness isn't occurring in a vacuum. Broad-based inflation hedges and commodity complexes are experiencing a parallel breakdown. Precious metals like gold and silver have recently cracked below their long-term moving averages. In base metals, while copper has managed to hold its ground so far, aluminum just crossed below its 200-day moving average.

Outright shorting bitcoin or high-beta crypto equities after a steep decline carries immense tail risk. Maybe this crypto winter won't be as severe as the prior ones, a

Fuente original: CNBC Top News (https://www.cnbc.com/2026/07/01/bitcoins-summer-swoon-creates-unique-trade-in-strategy.html)