Key Highlights
- Bitcoin reclaimed the $65,000 level for the second time this month.
- US spot Bitcoin ETFs recorded two straight weeks of inflows, while large holders accumulate 66,700 BTC.
- Bitcoin must break above $65,000–$65,500 and hold the level to confirm a stronger uptrend.
Bitcoin has risen above $65,000 again this month, suggesting renewed confidence in the market after a period of slow growth.
As of today, my research shows that the leading cryptocurrency by market size is currently trading at $65,425. That’s a 1.45% increase from where it was 24 hours ago. I’m also seeing a significant jump in trading activity – volume is up 81% to about $28.53 billion, bringing its total market value to $1.31 trillion.
Bitcoin’s price has faced significant resistance around $65,000 throughout July, acting as a key psychological barrier. While the recent increase in price is encouraging for the crypto market, traders aren’t yet convinced it signals the beginning of a sustained upward trend – a new ‘bull run’.
Why is Bitcoin price up?
Large investment firms are putting new money into Bitcoin ETFs that are traded on US stock exchanges.
ETF funds saw a net inflow of $75.7 million for the week ending July 17th, continuing a positive trend from the previous week’s $197 million gain. So far in July, these funds have received a total of $200.2 million. This renewed investment indicates that some of the recent pressure to sell may be decreasing.
Although Bitcoin ETFs are starting to recover, the gains are minor compared to the significant selling pressure seen earlier in the year. US spot Bitcoin ETFs experienced $4.5 billion in net outflows during June, and overall for the year, they still have negative net flows totaling $5.2 billion.
Because of this, traders are holding off on confirming a long-term price increase for Bitcoin until they see more convincing signs.
Large Bitcoin holders keep adding
Bitcoin is seeing renewed interest from both investors putting money into exchange-traded funds (ETFs) and large Bitcoin holders themselves. CryptoQuant data shows that wallets containing between 1,000 and 10,000 BTC have bought around 66,700 BTC in the last two months – nearly as much as they purchased in mid-June, marking the biggest buying spree by this group since February.
Large Bitcoin investors (known as ‘whales’) have been buying up around 66,700 BTC, while medium-sized holders are selling off their coins. According to analyst Amr T., this pattern – where big players accumulate Bitcoin while smaller ones sell – can limit the available supply and potentially impact prices.
— CryptoQuant.com (@cryptoquant_com) July 20, 2026
During this time, wallets containing between 100 and 1,000 Bitcoins sold approximately 77,800 BTC. Notably, this Bitcoin wasn’t released into general circulation; instead, it was transferred from these mid-level holders to larger ones.
This change might decrease the number of Bitcoins currently up for sale. It also suggests that investors are behaving differently depending on how much Bitcoin they own. Some investors with moderate amounts of Bitcoin seem to be selling to realize profits or lessen their risk, while those with larger holdings are continuing to buy more.
Bitcoin faces another test at $65,000
Bitcoin is currently testing a key price point. According to crypto analyst Daan Crypto Trades, the $65,000 level has been acting as resistance throughout July, limiting how much higher Bitcoin can go. However, he believes that if Bitcoin continues to stay near this level – and it’s shown signs of making slightly higher lows over the last three weeks – a breakout above $65,000 is increasingly probable.
Bitcoin has been fluctuating around its 4-hour 200 Moving Average/Exponential Moving Average trends for some time now. The $65,000 level has acted as a price ceiling throughout July. However, the longer the price remains near this level, the greater the chance of a breakout, particularly as the price continues to make higher lows.
— Daan Crypto Trades (@DaanCrypto) July 20, 2026
He posted on X that the longer the price stays at its current level, the greater the chance it will fall to $65,000, particularly because it’s been showing a pattern of slightly higher lows over the last three weeks.
Bitcoin has been gradually climbing higher and lower this month, trying to surpass the $65,000 mark. It made a push on July 15th, but the price fell back down to around $62,460 before starting to climb again.
If Bitcoin rises and closes above $66,500, it could see further gains towards $68,000 or even $70,000. However, if it fails to break through near $65,000 and then falls below $63,000, this would suggest the recent upward trend is losing momentum.
The Relative Strength Index (RSI) is currently at 66.34, which shows buyers are still driving prices up, though the market is getting close to being overbought. This also means there’s potential for prices to increase a bit further before reaching a peak.
Fed meeting could shape Bitcoin’s next move
Several important economic reports are coming up that could significantly impact Bitcoin’s price. The Federal Reserve will meet on July 28th and 29th, and key data about the US economy for the second quarter – including GDP and PCE – will be released on July 30th. These events could cause investors to change their strategies and influence where Bitcoin heads as the month closes.
We’ve seen Bitcoin bounce back above $65,000 recently, but my focus is on its ability to hold that level. Right now, it needs to establish $65,000 as a solid support zone. Until we see that happen, I expect traders will be hesitant – they’re trying to determine if this recovery is the start of a real upward move or just another temporary surge before falling back down.
2026-07-20 23:06