BlockBeats report: On July 22, Bitcoin rose above $65,800, reaching its highest level in over a month. U.S. spot Bitcoin ETFs recorded net inflows for the sixth consecutive trading day, with $203 million流入 on Tuesday, bringing total inflows since July 13 to approximately $779 million. On the same day, spot Ethereum ETFs saw net inflows of $37.5 million, marking their third consecutive day of inflows.
Bitfinex analysts believe $68,000 is the next key level for Bitcoin, as it converges the cost basis of short-term holders with the Q2 opening price. Investors who bought over the past five months and remain in loss may sell as price returns to their cost line, potentially triggering significant selling pressure on the first test of this level.
Vetle Lunde, Head of Research at K33, stated that Bitcoin remains in a seasonal low-trading phase, with 30-day spot volume at only 62.4% of the annual average as of July 19. CME Bitcoin open interest in July has remained below 100,000 BTC, the lowest level since October 2023, indicating continued weak institutional participation. Meanwhile, ETF fund flows have improved during the same period, but were primarily driven by BlackRock’s IBIT.
Capital.com analyst Daniela Hathorn views $63,000 as a near-term support level; if Bitcoin holds above this level and reclaims the $65,000 to $66,000 range, it could strengthen upward momentum. A break below support may trigger a new wave of profit-taking.