Bitcoin Analysts Highlight $68,000 Resistance and $63,000 Support Levels

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Bitcoin analysts highlight $68,000 as a key resistance and $63,000 as a critical support level. Bitfinex notes $68,000 aligns with short-term investors' average cost and Q2’s opening price, likely to trigger selling. CapitalCom’s Daniela Hathorn identifies $63,000 as a support level, with a break below risking further price declines. US spot Bitcoin ETFs saw $203 million in net inflows on July 19, marking six straight days of positive flows.

After Bitcoin surged above $66,000, reaching its highest level in the past month, analysts noted that the $68,000 level could be a critical resistance point. According to experts, Bitcoin testing this region for the first time could create significant selling pressure as investors nearing their cost basis begin to sell.

Spot Bitcoin ETFs traded in the US recorded net inflows of $203 million yesterday, extending their positive streak for the sixth consecutive trading day. This brings the total net inflow since July 13 to approximately $779 million. Spot Ethereum ETFs also saw inflows of $37.5 million on the same day, marking a third consecutive day of positive trading.

Bitfinex analysts stated that the next significant level for Bitcoin is $68,000. They noted that this region coincides with the average cost level for short-term investors and the opening price of the second quarter. According to the analysts, investors who bought Bitcoin in the last five months and are still at a loss may choose to sell as the price rises back to their cost levels. Therefore, a strong supply is likely to be encountered during the first test of $68,000.

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Vetle Lunde, Head of Research at K33, stated that Bitcoin trading volumes continue to remain seasonally low. According to Lunde’s data, as of July 19th, the 30-day spot trading volume was only 62.4% of the annual average.

Institutional investor activity in the futures market also remains weak. Bitcoin open interest on the CME stayed below 100,000 BTC throughout July, reaching its lowest level since October 2023. This indicates that institutional participation has not yet recovered strongly. While ETF inflows improved during the same period, flows were largely driven by BlackRock’s IBIT fund.

CapitalCom analyst Daniela Hathorn considers the $63,000 level a significant support point in the short term. According to Hathorn, if Bitcoin remains above this level and settles back above the $65,000-$66,000 range, it could strengthen the upward momentum. Conversely, a loss of the $63,000 support could lead to increased profit-taking by investors, creating renewed pressure on the price.

*This is not investment advice.

Continue Reading: Keep an Eye on $68,000 on the Upside and $63,000 on the Downside for Bitcoin—Analysts Warn

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