Bitcoin hits one-month peak as $68,000 emerges as key resistance
AI Market Summary
Bitcoin's move to a one-month high alongside six straight days of spot BTC ETF inflows ($203m latest) signals strengthening institutional demand and improved risk appetite. Concurrent spot ETH ETF inflows ($37.5m, third day) reinforce broader crypto beta. However, the $68,000 area is flagged as a heavy resistance where short-term holder cost basis and Q2 open converge, implying elevated near-term supply and potential volatility on first tests.
Impact level
● High
Affected assets
BTC/USDT-0.44%
AI Insight · BTC/USDTAI Insight
▲ Bullish
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Bitcoin climbed above $65,800 on July 22, its highest level in more than a month, lifting its monthly gain to about 2%, The Block reported. Spot Bitcoin ETFs logged net inflows for a sixth straight day, including $203 million on Tuesday alone. Spot Ethereum ETFs also attracted fresh demand, posting $37.5 million of net inflows on the day for a third consecutive session in the green.
Analysts are focusing on the next major resistance near $68,000. The area aligns with short-term holders' cost basis and the Q2 opening price, a zone where many underwater buyers could return to breakeven. Market watchers expect the first test of that level to draw notable selling pressure.
