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Bitcoin tests $68,000 resistance as ETF flows stabilize
CoinDesk reports $68,000 aligns with the average purchase price of buyers over the past five months and also with bitcoin’s mid-June high where a prior rebound failed.
Bitcoin climbed above $66,600 for the first time in more than a month and is extending its July rebound, but analysts warn the next move hinges on whether it can clear the $68,000 area, CoinDesk reports. The outlet said Bitfinex analysts view $68,000 as key resistance that could determine whether the rally gains momentum or stalls.
CoinDesk added that the level matters because it sits near the average purchase price of investors who bought bitcoin over the past five months. Traders returning to breakeven could then choose to sell, creating overhead supply that may slow advances.
The report also pointed to improving but still subdued market conditions, with U.S. spot bitcoin ETF flows shifting from persistent outflows to modest inflows. It said trading activity remains calmer, reflecting a “summer slumber” backdrop.
CoinDesk further noted that CME bitcoin futures open interest has fallen to its lowest level since 2023, signaling fading institutional participation. It also cited Bitfinex data showing bitcoin’s share of spot crypto trading volume rose to nearly 67%, up from about 50% a year earlier.
Latest closeBitcoin $66,280.00 ▲1.6%