Bitcoin climbed above $66,000, reaching its highest level in the past month, as analysts identified $68,000 as a potentially important resistance area. The move puts Bitcoin within roughly 10% of the all-time high above $73,000 it set in March. Market observers said Bitcoin's first test of the $68,000 region could bring notable selling pressure, particularly from investors whose positions are approaching their cost basis.

U.S.-listed spot Bitcoin ETFs recorded $203 million in net inflows yesterday, extending their positive run to a sixth consecutive trading day. Since their approval by the SEC in January 2024, the eleven spot Bitcoin ETFs have become one of the most closely watched channels for tracking institutional and retail demand. Since July 13, total net inflows into the products have reached approximately $779 million. Spot Ethereum ETFs, which began trading in July after receiving regulatory approval earlier in the year, also posted inflows on the same day, drawing $37.5 million and marking a third straight day of positive flows.

Bitfinex analysts said Bitcoin's next major level is $68,000. They noted that the area aligns with both the average cost level of short-term investors and the opening price of the second quarter. According to the analysts, investors who bought Bitcoin over the past five months and remain at a loss may decide to sell as the price returns to their entry levels. For that reason, they said Bitcoin is likely to encounter significant supply during an initial move toward $68,000.

Vetle Lunde, Head of Research at K33, said Bitcoin trading volumes remain seasonally weak. According to Lunde's data, as of July 19, the 30-day spot trading volume stood at only 62.4% of the annual average.

Activity among institutional investors in the futures market also remains subdued. Bitcoin open interest on the CME stayed below 100,000 BTC throughout July, falling to its lowest level since October 2023. The figures suggest that institutional participation has not yet seen a strong recovery. Although ETF inflows improved over the same period, the flows were largely driven by BlackRock's IBIT fund, which has consistently ranked as the largest spot Bitcoin ETF by assets since launching alongside the rest of the cohort in January.

CapitalCom analyst Daniela Hathorn described $63,000 as a significant short-term support level. According to Hathorn, if Bitcoin holds above that level and moves back above the $65,000-$66,000 range, upward momentum could strengthen. Conversely, if Bitcoin loses support at $63,000, investors could increase profit-taking, creating renewed pressure on the price.