$BTC Pulls Back Again After Brief Rebound โ ETF Pressure Lingers ๐
Bitcoin rallied toward $64,500 earlier this month on short-covering but has pulled back slightly, now trading around $63,800โ$64,000. This follows the brutal June breakdown that took it below the key $60k psychological level for the first time in months.
Technical Snapshot:
โข Support: $60,000โ$62,000 zone (recent lows and psychological floor)
โข Resistance: $65,000โ$66,000 (moving averages and prior highs)
โข Momentum: Mixed โ July bounce was mostly short-squeeze driven rather than fresh conviction. Bearish divergences appearing on RSI as price stalls.
The Setup:
The repeated drops are driven primarily by record US spot Bitcoin ETF outflows โ over $4B in June, the worst month since launch. Institutional selling was compounded by:
Capital rotation into AI/tech stocks Hawkish Fed signals reducing rate-cut hopes On-chain weakness and leveraged liquidations
Technically, BTC broke below the 50-month EMA and key trendlines in June, flipping $60k from support into resistance. The recent rebound lacked strong spot demand, making it fragile.
Short-term range-bound with slight downside bias unless it decisively reclaims $65k on volume. Extreme fear levels suggest capitulation may be close, but confirmation is still needed.
Is $60k the ultimate line in the sand, or more downside ahead? Drop your thoughts below ๐
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