ChainThink reports that on July 22, according to The Block, Bitcoin rose above $65,800, reaching its highest level in over a month.
U.S. spot Bitcoin ETFs recorded their sixth consecutive trading day of net inflows, with $203 million流入 on Tuesday, bringing the total inflows to approximately $779 million since July 13.
Spot Ethereum ETFs recorded a net inflow of $37.5 million on the same day, marking the third consecutive day of inflows. Bitfinex analysts believe $68,000 is Bitcoin’s next key level, where the cost basis of short-term holders converges with the Q2 opening price.
Investors who have been in loss since purchasing over the past five months may sell when the price returns to their cost basis, and this first test of the level could trigger significant selling pressure. According to Vetle Lunde, Head of Research at K33, Bitcoin is currently still in a seasonally low-trading-volume phase.
As of July 19, the 30-day spot trading volume was only 62.4% of the annual average;
In July, CME Bitcoin open interest remained below 100,000 BTC, reaching the lowest level since October 2023, indicating continued weak institutional participation.
Capital.com analyst Daniela Hathorn views $63,000 as a near-term support level.
It noted that if Bitcoin holds above this level and reclaims the $65,000 to $66,000 range, it could strengthen upward momentum; however, a break below support may trigger a new round of profit-taking.