Coinbase sent a push notification about Norway beating Brazil in their World Cup match yesterday hours before the result of the match was actually decided.

The company’s AI hallucinated the “news” and, because Coinbase employees have permitted non-fact-checked push notifications in the first place, the computer blasted it onto the phones of countless customers. 

Despite Coinbase’s 3-2 score turning out to be wrong, Norway did actually emerge victorious, winning 2-1 against the five-time world champions with Norway and Manchester City striker Erling Haaland scoring the goals.

Disconcertingly, Coinbase’s AI had also made up commentary about Haaland being the goalscorer before either of his actual goals hit the net.

Obviously, there are only two possible team names for the winner of a soccer game, so Coinbase guessing this isn’t particularly remarkable. Haaland is also Norway’s leading goalscorer, so he was also pretty likely to be the man to get the goals.

Still, Coinbase’s push notification was enough to generate hundreds of thousands of views worth of social media controversy.

Bitcoin has rebounded nearly 10% from its July 1 low as weak U.S. jobs data, lower oil prices, and a weekend short squeeze pushed traders back toward risk assets.

According to data from crypto.news, Bitcoin (BTC) price traded near $62,990 on July 6 after climbing from $58,293 earlier in the week to an intraday high near $64,000. The move followed a weaker-than-expected U.S. nonfarm payrolls report, which showed only 57,000 jobs added in June against forecasts near 110,000.

The miss reduced expectations for more Federal Reserve tightening and helped ease pressure on non-yielding assets. Crude oil traded below $69 per barrel on Monday as energy flows through the Strait of Hormuz recovered, and OPEC+’s planned 188,000-barrel-per-day production increase fueled concerns over a supply glut.

Spot Bitcoin ETFs added to the recovery after snapping a 10-day outflow streak with more than $220 million in net inflows. The rebound came after June produced more than $4.5 billion in redemptions and pushed sentiment into extreme fear, with the Crypto Fear & Greed Index falling to 11.

Bitcoin’s rebound faces its first major resistance near $64,000

The daily chart shows Bitcoin testing the 0.236 Fibonacci retracement level at $63,994 after bouncing from the June low zone near $58,187. A clean daily close above that level would open the next resistance area near $67,587, followed by $70,491 and $73,395.

Bitcoin has also pushed back into a descending channel that has capped price action since the May high near $82,795. The latest candle is struggling near the channel’s upper boundary, making the $64,000 region the first key test for buyers.

Momentum has improved but not fully flipped bullish. The daily MACD histogram has turned positive at about 661, while the MACD line remains below the signal line. RSI has recovered to 49, just under the neutral 50 level, after rising from oversold territory in June.

On the four-hour chart, Bitcoin is holding above the Supertrend support near $61,530, while the Aroon Up reading stands at 78.57 against Aroon Down at 7.14. The setup shows buyers have regained short-term control, though price remains below the next heavy resistance band around $64,000 to $65,000.

According to analyst Ted Pillows, the $62,500–$62,800 support zone remains the level to watch.

“$BTC is holding above the $62,500-$62,800 support zone. Spot selling has definitely accelerated, so this support zone is very crucial. If it holds, Bitcoin’s next stop would be around $65,000.”

Liquidation clusters leave Bitcoin exposed on both sides

CoinGlass’ three-day liquidation heatmap shows dense upside liquidity between $64,000 and $65,300, with another pocket near $66,000. A push through $64,000 could trigger another round of forced buying if short positions remain crowded above spot.

Downside liquidity is also visible near $62,000, $61,500, and $60,000. Those levels match the support areas identified by traders after Bitcoin’s quick move higher.

Commenting on the matter, analyst Lennaert Snyder noted that Bitcoin had already pushed into the final short point of interest and warned that the bounce lacked strong spot follow-through.

“I’m still in my swing-short from 63.2K, and willing to add if we get a clean break of ~62.5K,” Snyder wrote, adding that the move appeared to be driven mainly by short closing rather than fresh spot demand.

The invalidation zone for the bullish case now sits around $62,500. A four-hour close below that area could pull BTC toward $61,500, then $60,300 and $58,800, which Snyder listed as potential targets.

Macro risks remain active as well. A stronger July CPI print, hawkish Federal Reserve minutes, or renewed energy-market stress could revive dollar strength and pressure Bitcoin again. Supply risks from Mt. Gox repayments and government liquidations also remain unresolved.

For now, Bitcoin’s recovery depends on whether buyers can defend $62,500 and convert $64,000 into support. A failure there would leave the rally looking like a short squeeze inside a still-fragile downtrend.

Blockchain investigator ZachXBT said several meme coins used his likeness across multiple chains during the past week. 

He said he did not promote, support, or launch any of the tokens. The investigator posted the update on his Telegram channel after traders created ZACHXBT-themed tokens tied to his public name. 

“I have always stated I will never support or launch a meme coin,” he wrote.

ZachXBT said all tokens sent to his donation wallet were sold on the market. He then sent the full amount, worth about $41,000, to charity through The Giving Block.

The funds went to Direct Relief and GiveDirectly to support the Venezuela earthquake response. He shared transaction receipts for donations made in USDT and SOL between June 28 and July 6.

Donations sent to Direct Relief and GiveDirectly

ZachXBT said he sent 25,000 USDT to GiveDirectly on July 6 at 4:16 a.m. UTC. He also sent 5,000 USDT to Direct Relief later the same morning at 4:51 a.m. UTC.

A third donation included 153 SOL, worth about $11,000, sent to Direct Relief on June 28. Together, the receipts bring the total donation amount to about $41,000.

The move follows earlier debate around ZachXBT-linked tokens. As crypto.news reported in 2025, a ZACH token launched on Flaunch.gg claimed to direct most trading fees to the investigator.

That report also noted that another Solana-based ZACHXBT meme coin had caused controversy after developers sent ZachXBT part of the token supply. He denied creating or promoting that token.

Meme coin creators use public names

The latest case shows how meme coin creators often use public names, online narratives, and familiar branding to draw traders. These tokens can launch quickly across several chains with little notice.

ZachXBT’s public role in tracking scams makes the use of his likeness more sensitive. Traders may wrongly assume that a token tied to his name has his approval, even when he says it does not.

Crypto.news has covered ZachXBT’s work across several investigations. In March, he said a crypto scam network used war fear on X to drive users toward fake giveaways and pump-and-dump tokens.

Moreover, Hyperliquid donated 10,000 HYPE to ZachXBT earlier this year after his work on a major crypto theft case. The donation was separate from the latest meme coin sales.

Crypto donations remain part of wider trend

The charity transfer also fits a wider pattern of crypto-based giving. The Giving Block data showed more than $1 billion in crypto donations went to charities in 2024.

In ZachXBT’s case, the donations came from assets he said he did not ask to receive. His action turned unwanted token allocations into relief funding while keeping distance from the meme coins.

The event also gives traders a clear warning. A token that uses a public figure’s name does not mean that person supports it. Users still need to check official posts, contract details, liquidity, and token ownership before trading.

Bitcoin opened the second week of June hovering near its best levels in nearly two weeks, as short-term traders looked for signs that the latest bounce could extend. The push toward the low-$64,000 area comes alongside a noticeable improvement in broader crypto mood, though some market watchers are urging caution as US equities remain vulnerable to a potential pullback.

On-chain and derivatives data also point to a cooling of forced selling. Exchange inflow trends suggest both retail and large holders have been less aggressive in moving coins onto exchanges, while short liquidations over the past day remained relatively contained—factors that together help explain why the market has not seen a sharp reversal after the rebound.

Key takeaways

• Bitcoin traded around $63,960, near its highest levels since June 23, with traders targeting nearby liquidity above recent resistance.
• Short liquidations totaled just over $100 million in the last 24 hours, according to CoinGlass—suggesting upside has not been powered by a massive squeeze.
• Derivatives and order-book commentary highlighted spot selling pressure that may have been more aggressive than the perps market—an important detail for bulls to monitor.
• Crypto Fear & Greed moved up toward “extreme fear,” but it remains in that risk-off zone, implying sentiment is improving yet not fully reset.
• CryptoQuant data indicates whale exchange inflows to Binance have fallen faster than retail inflows since mid-June, reducing the role of large holders in exchange-bound supply.

From liquidity hunts to a defined support zone

BTC price action kept steady pressure on short positions into the weekly close, reaching $63,960—its highest level since June 23—based on TradingView data referenced in the market commentary. The immediate question for traders is whether the move can maintain momentum long enough to work through the next pocket of liquidity, or whether dips are simply being used to shake out weak longs and shorts.

Derivatives liquidation figures add context. CoinGlass reported that total crypto short liquidations over the prior 24 hours were just over $100 million at the time of writing. When liquidation volumes stay relatively moderate, it often indicates that price gains are not solely driven by a runaway squeeze, but rather by a broader balance between buying demand and overhead selling.

Several traders pointed to short-term order-flow dynamics as part of the explanation. Exitpump, an X account focused on market microstructure, attributed the move in part to “liquidity hunts,” noting a divergence between spot and perps activity. In a post shared Monday, Exitpump said aggressive spot selling was visible while cumulative volume delta on futures was comparatively stable, based on the account’s reference to spot CVD trending down and perps CVD remaining flat.

That kind of divergence matters because it can foreshadow a reversal if spot selling re-accelerates while upside attempts stall. Consistent with that, trader Killa identified a relatively tight support band traders should watch closely: the $60,400 to $60,900 area. Killa warned that if the market revisits that region and fails to hold it, it could fall back toward the lows again rather than forming a deeper base.

Bulls press “macro reversal” ideas, but timing remains debated

While near-term levels are under scrutiny, the debate is still larger than a single weekly range. As Cointelegraph continued to report earlier, some participants believe a bear-market low may not be fully confirmed yet—even as bullish signals multiply.

Roman, a trader who previously positioned more bearishly on BTC/USD, argued that the longer time-frame picture still looks constructive for an interim recovery. In an X post referenced by Cointelegraph, Roman said the market appears “excellent” for a continuation of a reversal toward higher prices in the nearer term, while also suggesting there may be “one more macro low” before the bottom is fully in place. That framing is not a guarantee of a sustained uptrend, but it does influence how many traders interpret current strength: as a bounce inside a broader process rather than the end of decline.

For investors, the practical takeaway is that the market can rally while the “final” macro bottom remains unconfirmed. In that scenario, what matters most is follow-through: whether BTC can convert resistance into support (rather than repeatedly rejecting gains) and whether any retracement holds the support band traders are flagging.

Risk appetite improves, even as equity pullback risk lingers

A key driver of sentiment this week has been the relationship between crypto and US equities. Bitcoin’s correlation to equities was cited as under renewed observation as stock futures started higher after the holiday weekend, with Nasdaq 100 futures up about 1% per the market recap. The optimism rests on expectations that earlier economic data softened hawkish Federal Reserve positioning.

Mosaic Asset Company’s “The Market Mosaic” newsletter highlighted that, while the S&P 500 gained roughly 15% in the second quarter and has topped out in early June, the index is still trading within a bullish continuation pattern and has continued to find support at a key level. Mosaic added that the average stock has been rallying to record highs, pointing to breadth improvements across major exchanges and indices.

At the same time, some strategists argue that stock-market optimism could be premature. Andre Dragosch, European head of research at Bitwise, raised the possibility of a larger correction ahead of US midterm elections. Dragosch pointed to the MacroQuant Equity Risk Model by BCA Research, which he described as flashing a “bear market warning signal,” comparing the current setup to late-2021 conditions—an era that preceded the top of the prior bull cycle.

Dragosch’s argument includes a nuance important for crypto traders: even if macro stress materializes, he suggested much of the worst-case scenario may already be priced in. In extended comments on X referenced by the article, he reasoned that if a recession and equity drawdown occur, downside could be somewhat muted because Bitcoin prices may already reflect that possibility. He also described a “decent chance” that BTC could outperform the Nasdaq on a relative basis over coming months.

Exchange flows cool: whales down faster than retail

Beyond macro and sentiment, flow data is offering a more granular picture of investor behavior. CryptoQuant’s QuickTake blog post said exchange inflows have declined from both retail and whale investors during the second half of June, even though price was making multi-year lows.

According to the CryptoQuant reporting cited, whale activity on Binance cooled sharply since mid-June. The rolling 30-day value of whale inflows reportedly fell by nearly $2.4 billion. Retail inflows also declined, dropping from $10.02 billion on June 12 to $8.2 billion by July 6, but the rate of decline appeared gentler.

Most notably, CryptoQuant said whale inflows were falling at nearly twice the rate of retail inflows. As a result, the relative role of large holders in exchange-bound Bitcoin supply decreased, widening the gap between retail and whale inflows from about $2.98 billion to $3.55 billion. The implication for traders is that selling pressure based on “coins headed to exchanges” may be becoming less dominated by whales—though the article correctly emphasized that exchange inflows are not a flawless proxy for intent to sell.

CryptoQuant also framed the next question as whether whale inflows stabilize around the roughly $4.65 billion level or continue to trend lower. A further decline would reinforce the view that large holders are becoming less active on exchanges compared with the retail cohort.

Fear is easing—but the market isn’t out of the woods

Crypto sentiment has improved along with Bitcoin’s rebound, but it remains fragile. The Crypto Fear & Greed Index showed sentiment edging toward a departure from “extreme fear” for the first time in more than a month. The index measured 24/100 on Monday, more than double its level at the start of July, according to Alternative.me data cited in the article.

Traders acknowledged the improvement while warning against complacency. One post on X from “Master of Crypto” summarized the stance as “Fear is easing, not gone.” The practical value of that message is that Fear & Greed often behaves like a lagging indicator—reflecting changes in market behavior after they have occurred rather than forecasting the next move.

In separate commentary, blockchain advisor Anndy Lian argued that bulls need tangible confirmation rather than relying on sentiment. He pointed to $65,000 as a level that, if reclaimed and sustained, could open the door to a broader test of the 100-day moving average currently near $69,500. He also cautioned that failing to maintain momentum carries serious downside risk.

Going forward, traders should watch whether Bitcoin can hold the $60,400–$60,900 support band if the market retraces, and whether whale inflows to Binance stabilize rather than continue sliding. With Fear & Greed only beginning to lift from extreme fear and macro equity concerns still in play, follow-through—not just bounce depth—will likely decide whether this week becomes a durable shift or another stop along the way.

South Korea has delayed any enforcement decision against Polymarket after giving the prediction market platform a chance to respond to concerns that its service may violate the country’s gambling laws.

According to the Broadcasting, Media and Communications Review Committee, it has decided to hear Polymarket’s position before ruling on whether to issue a corrective request against the platform. The committee said the additional step would allow it to verify both the legality of the service and the way it operates before reaching a final conclusion.

Under South Korea’s National Gambling Control Commission Act, an illegal gaming business includes online services that facilitate speculative gambling, giving authorities the power to monitor and respond to such activities.

The latest review comes after South Korean authorities had already begun examining local use of the platform. In early June, the Gangwon Provincial Police launched what local media described as the country’s first investigation into Polymarket users over alleged illegal gambling connected to election-related prediction markets. The probe was reportedly requested by the National Police Agency.

South Korea’s Criminal Act allows fines of up to 10 million won (about $6,500) for gambling offences, while habitual gambling can result in prison terms of up to three years or fines reaching 20 million won. Operating a gambling venue for profit carries penalties of up to five years in prison or a fine of 30 million won.

Polymarket states that access restrictions on its platform are designed to comply with sanctions, local financial regulations, gambling and prediction market laws, anti-money laundering requirements and Know Your Customer rules. 

According to the company, users from 33 countries, including the United States, the United Kingdom, France, Germany, Brazil, Singapore, Japan, and Australia, cannot access the platform. It also blocks certain regions within otherwise permitted countries, including several Canadian provinces and parts of eastern Ukraine.

Global pressure on prediction markets continues

The South Korean review adds to the increasing regulatory attention facing prediction market operators in several jurisdictions.

Earlier this month, the European Securities and Markets Authority clarified that some event-based contracts offered in the European Union could already fall within the scope of the Markets in Financial Instruments Directive II if they qualify as financial instruments. The regulator said those products could also become subject to the European Union’s existing retail restrictions on binary options without requiring new legislation.

In the United States, Bloomberg and CNBC recently reported that the Commodity Futures Trading Commission is conducting a broad investigation into Polymarket’s business activities, including its social media operations. 

The reported inquiry followed allegations published by The Wall Street Journal that the platform promoted simulated trading videos through paid content creators without adequate disclosure. Polymarket later told CNBC it had begun auditing its promotional content to ensure compliance with company standards and legal disclosure requirements.

On-chain research firm Allium also reported this week that U.S.-linked wallets traded about $571 million worth of political contracts on Polymarket during the past year despite the platform’s restrictions on American users. 

While Allium cautioned that its country attribution covered only a small share of wallets and should be treated as directional rather than exact, the findings added to ongoing questions about how users continue accessing offshore prediction markets despite geographic restrictions.