Bitcoin ($BTC) climbed to $66,956 on Tuesday, July 21, but the move met resistance and failed to extend higher. The subsequent pullback reached only the $63.9k area before the cryptocurrency recovered toward $65k.

On the one-day timeframe, Bitcoin has remained in a bearish swing structure since October, and that broader setup has not yet changed. Bearish ETF flows at the end of the previous week pointed to a possible shift in sentiment, while funding rates stayed positive. In the derivatives market, long volume slightly exceeded short positioning. Together, those signals showed a market that was not fully risk-off, but also lacked confirmation that spot demand had regained control.

AMBCrypto reported that miner selling pressure had declined and that Bitcoin was trading within a rising channel. Whale accumulation from centralized exchanges also indicated a more constructive long-term outlook for investors, as exchange outflows are commonly watched for signs that large holders are moving coins away from immediately tradable venues.

Long-Term Bitcoin Price Structure Remains Bearish

The market structure has changed little since the previous week of trading. Bitcoin has not yet broken above the $67,292 swing high, and it has also not moved toward or below the $57,800 swing low. Until either boundary is decisively breached, traders are likely to treat the range as unresolved rather than confirmed trend continuation or reversal.

Analyst Joao Wedson highlighted an important support area using Bitcoin’s Binance reserve realized price. The metric tracks the average cost basis of Binance’s reserves, making it useful as a reference point for where exchange-held supply may sit relative to current market prices.

In 2022, Bitcoin lost this support level, which later acted as resistance until it was reclaimed in 2024. So far in 2026, buyers have defended tests of this support near $61k.

Traders Remain Focused on Nearby Liquidation Zones

Over the past two weeks, significant long and short liquidation levels have accumulated around $63.5k and $67.1k, respectively. These nearby areas remain important magnetic zones for swing traders to monitor because leveraged positions can be forcibly closed when price reaches liquidation thresholds, adding short-term volatility around those levels.

If the longer-term downtrend continues, Bitcoin could first move higher to clear the overhead liquidation levels before turning lower again.

The next directional move may depend on macroeconomic catalysts. The Federal Reserve is scheduled to announce its rate decision on Wednesday, July 29. The Personal Consumption Expenditure (PCE) data is also set to be released one day later. Both events are closely followed across risk assets because interest-rate expectations and inflation data can influence liquidity conditions and risk appetite.

“We are heading into a critical 48-hour window,” crypto analyst Ibrahim Cosart wrote. He concluded that managing risk would matter more than making directional bets.

After those events, if $BTC breaks above $67.2k, a move toward $73k-$77k would become likely. Conversely, a breakdown below $63.7k would likely put Bitcoin on course for the $61k and $57.8k demand zones.

Bitcoin has been flowing out of exchanges since June, while whale accumulation has recently continued. The next directional move may depend on whether buyers keep defending $61k while attempting to reclaim resistance near $67k.