Bitcoin hits $63,500 after six-day rally, but half of supply still underwater

Bitcoin bounced to around $63,500 after a six-day rally in early July, but analysts at Wintermute and Bitfinex flagged weak ETF demand and thin summer liquidity as risks to the recovery. Research firm K33 noted that 50% of Bitcoin's circulating supply is currently held at a loss. Analysts warn the rally may be fragile given the seasonal slowdown in market activity.