Analyst: $68,000 is a Key Resistance Level for Bitcoin, Facing Significant Selling Pressure

BlockBeats News, July 22, Bitcoin rose above $65,800, hitting a new high in over a month. The US spot Bitcoin ETF saw net inflows for the sixth consecutive trading day, with a $203 million inflow on Tuesday, totaling around $779 million since July 13; the spot Ethereum ETF also saw a net inflow of $37.5 million on the same day, marking the third consecutive day of inflows.

Bitfinex analysts believe that $68,000 is the next key level for Bitcoin, where the short-term holder's cost basis converges with the second-quarter opening price. Investors who have been at a loss for the past 5 months since their purchase may sell when the price returns to their cost basis, potentially triggering significant selling pressure upon the first test of this level.

K33 Research Director Vetle Lunde stated that Bitcoin is currently in a seasonal low-volume phase, with the 30-day spot volume as of July 19 only at 62.4% of the annual average. The July CME Bitcoin open interest has remained below 100,000 BTC, hitting the lowest level since October 2023, indicating relatively weak institutional participation. Meanwhile, ETF fund flows have improved, primarily supported by BlackRock's IBIT.

Capital.com analyst Daniela Hathorn identified $63,000 as the recent support level. If Bitcoin holds above this level and reclaims the $65,000 to $66,000 range, it could strengthen upward momentum; however, breaking below the support could trigger a new round of profit-taking.