Market analysis by Vikram Subburaj, CEO, Giottus.com
Bitcoin traded near $66,300 on Wednesday, gaining about 1.7% over the past 24 hours.The recovery was supported by improving institutional demand and firmer global equity markets, extending the rebound from June’s lows. Immediate support lies around $65,400-$65,500, followed by the stronger $64,500-$65,000 region. Resistance is visible near $66,900-$67,000, with the short-term-holder breakeven area around $68,000 presenting a more significant hurdle before $70,000.
On-chain conditions are becoming more balanced, although the rally is not yet being driven by strong spot demand. The spot volumes remain subdued, while futures and options open interest has expanded. Perpetual-market buying has improved, and demand for downside protection has eased. However, the growing share of short-term, price-sensitive capital leaves Bitcoin vulnerable to sharper volatility.
US spot Bitcoin ETF flows have strengthened materially. After a $424.7 million outflow on July 13, funds attracted $181.1 million on July 14, $107.7 million on July 15, $79.1 million on July 16, $132.3 million on July 17 and $226.8 million on July 20. These five completed sessions produced combined inflows of $727 million. July 21 showed a preliminary $39.3 million inflow, although BlackRock’s figure was unavailable.
Large-cap altcoins also advanced. Ethereum rose 1.2% to $1,933, BNB was nearly unchanged at $573, XRP gained 2.7% to $1.14, Solana added 0.8% to $78.36, and TRON rose 0.9% to $0.329. XRP led the group, though Bitcoin dominance near 59% shows that the market has not entered a broad altcoin-led expansion.
The July 28-29 Federal Reserve meeting remains the principal macro catalyst. All 104 economists surveyed by Reuters expect rates to remain at 3.50%-3.75%, although markets see one increase by December as probable. Brent crude near $91.55 and the 10-year Treasury yield around 4.63% could keep the Fed cautious.
Our advice: Investors should avoid chasing Bitcoin near resistance. Staggered accumulation and disciplined position sizing remain preferable until the price clears $68,000 with sustained spot volume and ETF demand.
