Bitcoin is holding above a critical support zone as heavy outflows from U.S. spot Bitcoin ETFs clash with persistent strength in the derivatives market. Hundreds of millions of dollars exited spot Bitcoin ETFs on July 23, injecting fresh uncertainty into the market after several consecutive days of inflows.

At press time, Bitcoin is trading at $64,161.85, representing a 1.44% decline over the past 24 hours. The pullback coincides with U.S. spot Bitcoin ETFs recording $225.18 million in daily net outflows, even as derivatives traders continue adding to their positions. The price sits well below the all-time high near $73,750 set in March, reflecting a prolonged consolidation phase that has tested investor conviction since Bitcoin's fourth halving in April.

ETF Outflows Renew Selling Pressure

The selling pressure intensified on July 23, when spot Bitcoin ETFs posted $225.18 million in net outflows following a stretch of positive inflows. Total net ETF assets currently stand at $78.82 billion, with cumulative net inflows holding at $51.63 billion. Since their launch in January, these ETFs have become a primary conduit for institutional Bitcoin exposure, making daily flow data a closely watched barometer of demand from traditional finance.

The withdrawals suggest some institutional investors may have locked in profits following Bitcoin's recent recovery. While a single day of outflows does not necessarily indicate a trend reversal, sustained withdrawals could pressure prices if institutional demand does not recover.

Key Technical Levels Hold

According to the TradingView daily chart, Bitcoin is trading around $64,161 — slightly above its 200-day moving average of $63,162 but well below the 50-day moving average of $72,450. This places the market between long-term support and medium-term resistance. The 200-day moving average is widely used by traders as a dividing line between long-term bull and bear trends, making it a critical level to hold.

Buyers continue to defend the $63.2K–$63.7K support zone, preventing a deeper pullback. A daily close below this range could intensify selling pressure and expose the next support level near $59,300.

Meanwhile, the MACD remains above its signal line, though the histogram has begun to contract. This signals that bullish momentum is fading rather than reversing into bearish territory.

Analyst Perspective: Bullish Structure Still Intact

Crypto analyst Lennaert Snyder believes Bitcoin's bullish setup remains valid despite the dip below $65K.

"The long after the sweep of the 65K lows is active," Snyder wrote, indicating that buyers are still defending the current market structure.

He identified the critical invalidation level: "The invalidation for the local longs thesis is the 63.7K low."

Looking ahead, Snyder added, "I'll look for another confirmation entry long towards 67K liquidity," while noting that "68.1K is also a good area to TP your longs."

These observations align with the broader technical picture. Bitcoin continues to trade above its 200-day moving average, and the $63.7K support remains the most critical level for buyers to hold. A recovery toward $67K–$68.1K would reinforce the bullish case, while a loss of support could trigger a deeper correction.

$BTC is respecting our long-POI very well. Like I posted yesterday, the long after the sweep of the 65K lows is active. I took 25% profits and stoploss to BE, the zone is still valid for 2nd taps. So if we sweep the current 64.6K low, I'll look for another confirmation entry… pic.twitter.com/Df5fTt878u — Lennaert Snyder (@LennaertSnyder) July 24, 2026

Futures Market Shows Resilience

Despite the ETF outflows, Bitcoin's open interest remains near $49 billion, indicating that traders are still actively building positions in the futures market. Liquidation data reveals that both long and short positions have been cleared in recent sessions, suggesting neither buyers nor sellers have established dominant control. This balanced positioning raises the probability of a sharp directional move once Bitcoin breaks out of its current trading range.

Key Levels to Monitor

The $63.7K level remains the pivotal support for Bitcoin's current bullish structure. Holding above it could pave the way toward $67K, with $68.1K serving as the next major resistance and a likely profit-taking zone. Conversely, a break below $63.7K would invalidate the bullish thesis outlined by Snyder and shift focus to the next major support near $59.3K.

Institutional ETF flows, futures positioning, and Bitcoin's price reaction around these technical levels are likely to determine the market's next directional move.