Key Highlights
- Bitcoin fell 2.24% over the past 24 hours to trade near $65,000 while trading volume declined 23%.
- Spot Bitcoin ETFs recorded six straight days of inflows, attracting about $818 million as investor demand returns.
- Bitcoin faces key resistance at $65,000–$65,500 and $69,000, while an RSI of 27 suggests the market is nearing oversold levels.
Bitcoin (BTC) is holding near the $65,000 level, although the cryptocurrency is down 2.24% over the past 24 hours.
At the time of writing, Bitcoin was trading at $64,989, down from an intraday high above $66,000. Data from CoinMarketCap showed that selling pressure remained elevated, while 24-hour trading volume fell 23% to around $23.13 billion.
ETF inflows show investors are coming back
The market remains caught between selling pressure and renewed investor demand. Although Bitcoin has retreated from above $66,000, fresh capital continues to flow into U.S. spot Bitcoin exchange-traded funds (ETFs), providing additional support.
According to data from SosoValue, U.S.-listed spot Bitcoin ETFs attracted $68.99 million on Wednesday. This was after the funds saw an inflow of $203.1 million on Tuesday, extending their inflow streak to six consecutive days. Across that period, the funds received about $818 million.
The renewed ETF demand is important because it comes after weeks of heavy withdrawals in May and June. In simple terms, investors who had been taking money out of Bitcoin funds have started putting money back in. That suggests some confidence may be returning to the market.
Since their launch, U.S. spot Bitcoin ETFs have recorded $51.8 billion in cumulative net inflows, while total net assets have reached $80.9 billion. However, the funds are still about $4.84 billion in net outflows for the year so far.
Bitcoin remains resilient despite broader market pressure
Glassnode also pointed to several signs of improvement in its weekly report released on July 22. The blockchain analytics firm said Bitcoin has recovered well in recent weeks as ETF demand returned and traders reduced their bearish positions.
Bitcoin has also shown strength while other markets faced pressure. Oil prices rose as tensions involving Iran created fresh concerns in global markets, while major stock markets struggled to make strong gains. Despite this, Bitcoin finished the week ahead of the S&P 500 and European stock markets for the second consecutive week.
Bitcoin needs to reclaim $65,500
The firm, however, warned that Bitcoin is approaching an important test. It identified the $69,000 Short-Term Holder Cost Basis as a key level to watch. This is the average price paid by investors who bought Bitcoin during the past five months.
If Bitcoin reaches that level, some investors who have been waiting to recover their losses may decide to sell. This could create fresh pressure around $69,000.
For now, analysts are watching the $65,000 to $65,500 range. A strong break above this area and the ability to stay there could open the way toward $70,000.
Bitcoin’s current pullback shows that price is struggling to get to that level. The price is falling, trading volume is reducing, and fear remains in the market. The Relative Strength Index (RSI) is currently at 27, which means the price is approaching an oversold level. This could also be a point were buyer could take control again over the market.
However, the near-term direction remains uncertain. Bitcoin’s next move will likely depend on whether renewed ETF demand is strong enough to overcome the resistance levels standing between its current price and the next potential rally.
Also Read: BlackRock, Fidelity Back $15M Bitcoin Security Consortium but Vow No Control
