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BTC Bitcoin price exceeded 66K, and long target 70K exceeded
Bitcoin price climbed above 66K, and ETF funds had a net inflow for five consecutive trading days. Analysts point to 69.3K and 70K as the next major resistance levels. Despite continued market consolidation, whale accumulation is still supporting Bitcoin prices.
Bitcoin prices traded above 66K after the U.S. spot Bitcoin ETF recorded its longest consecutive inflow since May. As of press time, Bitcoin has risen 1.12% in the past 24 hours to 66.2K. The rebound in bitcoin prices is due to the recovery of institutional demand, stable inflow of ETF funds and continued accumulation of whales. Traders are paying close attention to the main resistance levels.
According to SoValue data, the spot Bitcoin ETF had a net inflow of US$226.9 million on July 20, extending the buying momentum for five consecutive days to a total of more than US$727 million. BlackRock's IBIT led the way with $116.5 million, followed by ARKB and Gray Bitcoin Mini Trust.
Bitcoin prices face major resistance around 69.3K
Cryptocurrency analyst Ali Charts said that since November, bitcoin prices have repeatedly failed to recover prices already realized by short-term holders. He pointed out that 69.3K is the next major resistance level, and if history repeats itself, bulls must prove their strength here.
"Bitcoin's biggest test has yet to come. Since November, every rally has been suppressed where short-term holders have realized prices. As Bitcoin returns to near $66,000, all eyes are on $69,340. If history repeats itself, the bulls will have to prove themselves there."
At the same time, Daan Crypto Trades pointed out that Bitcoin prices are still compressed between the weekly 200 moving average, the exponential moving average and the bull market support band. He believes that this narrow range usually indicates a strong directional breakthrough. He added that a weekly close above 70K could confirm a bullish breakthrough, while a break below 55K would strengthen the bearish outlook.
Whale accumulation supports bitcoin prices
The latest round of bitcoin price rebound is also in line with growing whale demand. CryptoQuant data shows that addresses holding 1K to 10K BTC have accumulated approximately 66.7K BTC in the past 60 days, setting the strongest buying activity since February.
Source: CryptoQuant
Combined with improved Bitcoin ETF inflows, this trend has reduced spot selling pressure and strengthened market sentiment. However, analysts are still watching whether bitcoin prices can maintain momentum above $66,000 before attempting to breach key resistance at 69.3K.
