Bitcoin (BTC) rose above $66,600 to reach a five-week high, extending its recovery from June lows and outperforming both the S&P 500 and gold over the past three weeks, according to market intelligence firm Santiment.

BTC has gained about 13% during that period, while the S&P 500 and gold have traded largely sideways. The move has come despite broader global market volatility, with Bitcoin pushing past $66,500 as inflows into U.S. spot Bitcoin exchange-traded funds returned to stronger levels.

Bitcoin Outperforms S&P 500 and Gold

Santiment said Bitcoin's latest rally has been supported by improving macroeconomic conditions, including softer inflation data and easing concerns over U.S. Federal Reserve policy. The firm also pointed to renewed spot Bitcoin ETF inflows in July, following two months of heavy outflows in May and June.

With the recent rebound, Santiment said Bitcoin has narrowed its performance gap with traditional assets after several months of range-bound trading. Analysts cited in the report said renewed institutional participation could support activity across the broader crypto market.

Analysts Identify $69,340 and $75,000 as Key Levels

Market participants are now watching whether Bitcoin's recent advance can develop into a sustained move higher. Bitcoin's all-time high stands near $73,700, reached in March 2024, meaning a move toward the $75,000 target would represent new record territory. According to Kalshi's prediction market, the probability of BTC rising above $100,000 has increased to 20%, up from 10% earlier.

Crypto analyst Crypto Kaleo said Bitcoin could climb to $75,000 within the next month if the current rebound continues. However, the analyst added that if BTC sees another leg lower before resuming its uptrend, the broader bull-market timeline could be delayed.

Under that scenario, Kaleo said Bitcoin may not cross the $100,000 level until early 2027. The analyst also expects new all-time highs to occur by spring 2027.

In the near term, analyst Crypto Martinez said Bitcoin faces a major technical test despite its recovery to around $66,000. Martinez noted that every Bitcoin rebound since November has been rejected at the Short-Term Holder Realized Price — an on-chain metric tracking the average cost basis of coins moved within roughly the prior 155 days — making $69,340 the next major resistance level to monitor.

U.S. Spot Bitcoin ETFs Record $203 Million in Net Inflows

U.S. spot Bitcoin ETFs, which launched in January 2024 and have become a key conduit for institutional capital allocation, continued to attract inflows after a strong recovery last week. On Tuesday, July 21, net inflows across the funds totaled about $203 million, according to Farside Investors.

BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the demand, with daily trading volume of $1.7 billion. IBIT recorded $163.94 million in net inflows, equal to approximately 2,470 BTC.

Fidelity's FBTC added $23.11 million, ARK 21Shares' ARKB posted $9.69 million, and the Grayscale Bitcoin Mini Trust reported $6.46 million in inflows. The remaining spot Bitcoin ETFs recorded zero flows during the same period.

Analyst targets, ETF flows, prediction-market probabilities and on-chain metrics do not guarantee future Bitcoin price performance. Cryptocurrency markets remain highly volatile.