Bitcoin reached $66,956 on July 21 but quickly faced resistance, pulling back to about $63,900 before attempting to climb back near $65,000. Since October, the daily chart shows BTC stuck in a bearish pattern that hasn’t shifted yet.
Last week’s bearish ETF flows hinted at a change in market sentiment, though funding rates stayed positive and long positions slightly outweighed shorts in derivatives. Miner selling eased, and the price has been moving inside an upward channel. Large buyers accumulating coins off exchanges suggest a bullish long-term outlook for investors.
Analyst Joao Wedson highlighted $61,000 as a key support level, based on Binance’s reserve realized price, which reflects the average cost of BTC held on the exchange. This level, lost in 2022 then regained in 2024, has been defended by buyers so far in 2026.
Key Levels and Upcoming Catalyst
Recent data show heavy liquidation clusters near $63,500 on the long side and $67,100 on the short side. Swing traders should watch these zones closely. If the longer-term downtrend persists, Bitcoin might rally to clear these overhead liquidations before dropping further.
The Federal Reserve’s rate decision on July 29, followed by the Personal Consumption Expenditure (PCE) data release, could trigger the next major move. Analyst Ibrahim Cosart sees this as a key period where managing risk outweighs betting on direction.
If BTC breaks above $67,200, it could push toward $73,000 to $77,000. Conversely, falling below $63,700 might lead to a retreat toward $61,000 and $57,800 demand zones.
Bitcoin outflows from exchanges have continued since June, with whales accumulating coins, making these levels even more significant for what comes next.
