Bitcoin Approaches $68,000 Resistance After 15% Rebound, Facing July Weakness

BTC2.03%
CME-3.12%
According to The Block, Bitcoin has rebounded approximately 15% from July lows and is approaching the $68,000 resistance level on July 22. Bitfinex analysts note this level is near the average entry price of buyers over the past five months; investors with previous losses may exit upon returning to cost, creating selling pressure. The $68,000 zone also marks June's prior resistance, where a failed rally declined to below $58,000. Market conditions are gradually improving—U.S. spot Bitcoin ETFs have shifted from sustained outflows to modest inflows, though demand has not fully recovered. Bitcoin's share of spot trading volume has risen to approximately 67% from roughly 50% a year ago, signaling investor preference for Bitcoin over altcoins and a defensive market sentiment. K33 Research reports CME Bitcoin futures open interest has fallen to its lowest level since 2023, with 30-day spot volume at just 62% of annual average, describing the current period as a "typical summer lull."
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments