Approximately $14 billion in stablecoin liquidity has disappeared from the market since mid-May, depriving the cryptocurrency market of its main fuel. Bitcoin is holding around $64,360, fluctuating between $62,000 and $66,000 since July, while the S&P 500 advances toward record highs, revealing a growing gap between traditional risk assets and cryptocurrency markets. This situation is explained by a contraction in stablecoin supply, which limits available capital to sustain a durable rally. Bitcoin remains below key resistance at $71,450 and below the significant moving average at $66,300, with no convincing sign of a sustained recovery currently visible. For a sustained uptrend to confirm, traders must watch for a revival in stablecoin supply alongside a breakout above $66,000 to $67,000.
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