Key Highlights
- Bitcoin reclaimed the $65,000 level for the second time this month.
- US spot Bitcoin ETFs recorded two straight weeks of inflows, while large holders accumulate 66,700 BTC.
- Bitcoin must break above $65,000–$65,500 and hold the level to confirm a stronger uptrend.
Bitcoin (BTC) has reclaimed $65,000 for the second time this month, giving the market a fresh sign of strength after struggling to move higher in recent weeks.
At the time of writing, the largest cryptocurrency by market capitalization is trading for $65,425, representing a 1.45% surge over the last 24 hours. Trading volume has also increased 81% to around $28.53 billion, with its market value at $1.31 trillion.
Meanwhile, the $65,000 level has become a major psychological level for Bitcoin. The price has repeatedly struggled to break and stay above it throughout July. As a result, the latest recovery has brought more optimism to the crypto market, but it has not yet given traders enough confidence to call the start of a new Bitcoin bull run.
Why is Bitcoin price up?
Institutional investors are allocating fresh capital to US-listed spot Bitcoin exchange-traded funds (ETFs).
According to SoSoValue data, the funds recorded $75.7 million in net inflows during the week ending July 17, marking the second straight week of positive flows. This was after they recorded around $197 million the previous week, bringing July’s total ETF inflows to $200.2 million. The return of fresh money into the funds suggests that some selling pressure may be easing.
However, the ETF recovery is still small compared with the pressure seen earlier in the year. US spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, while total net flows for 2026 remain negative at $5.2 billion.
As a result, traders are still waiting for stronger evidence before concluding that Bitcoin has entered a sustained uptrend.
Large Bitcoin holders keep adding
Meanwhile, alongside the return of ETF inflows, large Bitcoin holders are also increasing their positions. According to data from CryptoQuant, wallets holding between 1,000 and 10,000 BTC accumulated about 66,700 BTC over the past 60 days. This was close to the 68,000 BTC accumulated in mid-June and represented the strongest accumulation by this group since February.
At the same time, wallets holding between 100 and 1,000 BTC sold around 77,800 BTC during the same period. This means that some Bitcoin is moving from mid-sized holders into larger wallets instead of flooding the market with new supply.
That shift could help reduce the amount of Bitcoin immediately available for sale. It also shows that different groups of investors are taking different positions. While some mid-sized holders appear to be taking profits or reducing their exposure, larger holders are continuing to build their Bitcoin holdings.
Bitcoin faces another test at $65,000
Bitcoin is now facing its old test ground. Crypto analyst Daan Crypto Trades said the $65,000 level has limited Bitcoin’s upside throughout July. However, he added that the longer Bitcoin stays around the level, the more likely it may eventually break above it, especially after forming higher lows over the past three weeks.
“I do think the longer price spends here, the more likely the $65K level is to break. Especially with the higher lows being made over the past 3 weeks,” he said on X.
Looking at the daily chart, Bitcoin had been creating a series of highs and lows this month in an attempt to break above the $65k level. It tried on July 15th, but the price got rejected, pushing to around $62,460 before this current attempt.
If Bitcoin could manage to break above $66,500 with a strong candle, it could open a path toward $68,000 to $70,000. On the other hand, a rejection near $65,000 followed by a fall below $63,000 would weaken the current bullish setup.
Moreover, the Relative Strength Index (RSI) stands at 66.34, indicating that buyers remain in control while the market approaches overbought territory. However, the reading also suggests there is still room for additional upside before reaching extreme levels.
Fed meeting could shape Bitcoin’s next move
The next major test may come from the wider economy. The Federal Reserve is scheduled to hold its July 28–29 meeting, while US second-quarter GDP and PCE data are expected on July 30. These events could influence investor positioning and help shape Bitcoin’s direction as July comes to an end.
For now, Bitcoin has managed to reclaim $65,000, but the bigger question is whether it can stay above the level and turn it into support. Until then, traders are likely to remain cautious as they assess whether the latest recovery marks the beginning of a stronger uptrend or another failed breakout attempt.
Also Read: Michael Saylor’s Strategy “Strategically” Halts Bitcoin Buys, Adds $225M to USD Reserves
