Bitcoin (BTC) slipped back toward $65,000 on July 24, as spot ETF outflows, a major options expiry, and rising oil prices combined to stall its rebound near $66,800.

According to data from crypto.news, BTC traded near $65,050, down approximately 2.6% from its July 21 peak. The pullback brought the price closer to a large derivatives settlement level and a rising trendline that has underpinned the recovery since late June. Losing the $63,700 level could expose Bitcoin to a deeper decline toward the $60,000 region.

ETF Outflows and Tech Sell-Off Pressure Risk Appetite

U.S. spot Bitcoin exchange-traded funds recorded $225 million in net outflows on July 23, according to SoSoValue data. BlackRock's IBIT accounted for roughly $202 million of those withdrawals, reversing the steady institutional inflows that had helped Bitcoin recover from its June low near $58,000. Since their launch in January 2024, the eleven approved spot Bitcoin ETFs have collectively attracted tens of billions in assets, making their daily flow patterns one of the most closely watched gauges of institutional demand for the asset.

Simultaneously, U.S. technology shares suffered their sharpest sell-off since April 2025. The Magnificent Seven fell 4.8% on July 23, losing approximately $797 billion in combined market value as investors questioned the scale of corporate spending on artificial intelligence. The Nasdaq 100 dropped 1.9%, while the S&P 500 declined 1.2%.

Bitcoin fell less than 1% during the equity sell-off, demonstrating relative strength against technology stocks. However, the broader decline in risk appetite denied BTC the fresh capital needed to clear the $66,800 resistance area.

Oil Prices and Geopolitical Tensions Add Headwinds

Oil prices added another obstacle. West Texas Intermediate crude eased to approximately $90.59 on Friday but remained on course for a weekly gain of nearly 10%, while Brent held near $98.87 after briefly trading above $100.

The United States carried out a 13th consecutive night of strikes on Iran as Washington and Tehran rejected immediate negotiations. President Donald Trump also threatened "major military punishment" against Iran and the Houthis after the militant group attacked two Saudi oil tankers in the Red Sea.

Higher energy costs could keep inflation elevated and reduce the Federal Reserve's room to cut interest rates during the second half of 2026. Rising Treasury yields would also increase the appeal of income-producing assets over Bitcoin, which pays no interest. Bitcoin's sensitivity to rate expectations has increased as institutional adoption ties its price more closely to broader macroeconomic conditions.

Bitcoin Holds Above Rising Trendline Despite Weakening Momentum

Bitcoin's 4-hour chart shows an ascending support line connecting a series of higher lows formed since the price bottomed near $58,000 in late June. The trendline now sits between $63,700 and $64,300, placing the current price approximately 1.5% above the structure.

Momentum has weakened after BTC failed to hold above $66,000. The 4-hour Relative Strength Index fell to 45.65, below its signal average of 51.53, but remained above the oversold threshold of 30. Meanwhile, the Moving Average Convergence Divergence line dropped below its signal line, with the histogram reaching negative 131 — indicating that sellers controlled the latest 4-hour candles following the rejection near $66,800.

On the daily chart, Bitcoin remains above its 20-day and 50-day simple moving averages at $64,293 and $63,181. The price must hold those levels to preserve the recovery structure formed since June. Chaikin Money Flow remained positive at 0.08, showing that buying volume has not fully left the market despite the ETF withdrawals. However, BTC still trades below its 100-day and 200-day moving averages at $69,940 and $72,455, leaving the long-term trend under seller control.

A daily close above $66,800 would open the path toward the 100-day average near $70,000. Bitcoin would then need to reclaim $72,455 to establish a stronger trend reversal.

The one-week CoinGlass liquidation heatmap places the nearest large pool of leveraged positions around $64,200–$64,500. Another dense cluster sits near $63,500, while upside liquidity has accumulated around $65,700 and between $66,500 and $67,300. Those levels could attract price as traders approach the weekly derivatives settlement.

About 19,000 Bitcoin options worth $1.2 billion expire on July 24, with a put-call ratio of 0.89 and maximum pain at $64,500, according to Greeks.live data. A put-call ratio below 1 means call options modestly outnumber puts among expiring contracts. Implied volatility has also fallen toward 35%, while gamma exposure is concentrated at $65,000 and $72,000. Large options expiries frequently influence spot price action as dealers rebalance hedge positions near settlement, and the $64,500 maximum pain level sits directly within the trendline support zone — placing additional emphasis on whether buyers can defend that range.

Drop Below $63,700 Would Invalidate Local Recovery

According to crypto analyst Lennaert Snyder, Bitcoin's long setup remains active after BTC swept the $65,000 lows. Snyder identified $64,600 as a possible second-entry area and $67,000 as the next liquidity target.

"The invalidation for the local long thesis is the 63.7K low," Snyder wrote.

$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

A 4-hour close beneath $63,700 would break the rising trendline and expose the liquidation cluster near $63,500. Continued selling could then push BTC toward $62,000, followed by the June support zone between $58,000 and $60,000.

On the upside, $67,000 and $68,100 remain the immediate resistance levels. Snyder views $68,100 as both a profit-taking zone for long positions and a possible short entry, with $60,000 as the bearish target after a liquidity sweep.

Bitcoin's outlook therefore hinges on whether buyers defend the $63,700–$64,500 area after the options expiry. A renewed oil surge, further ETF withdrawals, or an escalation in the U.S.-Iran conflict would raise the risk of a trendline breakdown, while a close above $66,800 would return control to buyers.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.