What to know:
- Bitcoin fell 1.44% to $64,161.85 as U.S. spot ETFs posted $225.18 million in net outflows.
- Open interest remains elevated near $49 billion, showing traders are still actively positioning despite weaker spot demand.
- Technical indicators point to a pivotal battle around $63.7K support, while $67K–$68.1K remains the next major resistance area.
Bitcoin price is clinging to a critical support zone as heavy ETF outflows collide with resilient derivatives positioning. Bitcoin has remained under pressure after hundreds of millions of dollars flowed out of U.S. spot Bitcoin ETFs, raising fresh uncertainty in the market.
At press time, Bitcoin price is trading at $64,161.85, down 1.44% over the past 24 hours. The latest decline comes as U.S. spot Bitcoin ETFs recorded $225.18 million in daily net outflows, while derivatives traders continue increasing their positions, creating mixed market sentiment.
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Bitcoin Price Faces ETF Selling Pressure
Bitcoin came under renewed selling pressure on July 23, when spot Bitcoin ETFs recorded $225.18 million in net outflows following several days of positive inflows. Total net ETF assets stand at $78.82 billion, while cumulative net inflows remain at $51.63 billion.
The outflows suggest some institutional investors may have taken profits after Bitcoin’s recent recovery. While a single day of withdrawals does not signal a trend reversal, continued outflows could weigh on price if institutional demand fails to rebound.
Bitcoin Price Holds Above Key Support
The TradingView daily chart shows Bitcoin trading around $64,161, slightly above its 200-day moving average at $63,162, but well below the 50-day moving average at $72,450.
This suggests the market remains caught between long-term support and medium-term resistance. Buyers continue defending the $63.2K-$63.7K support zone, preventing a deeper decline. A daily close below this region could increase selling pressure and expose the next support near $59,300.
Meanwhile, the MACD remains above its signal line, although the histogram has started to shrink. This indicates that bullish momentum is weakening rather than turning outright bearish.
Bitcoin Price Outlook Backed by Analyst’s View
Crypto analyst Lennaert Snyder believes Bitcoin’s bullish setup remains intact despite the recent dip below $65K.
He wrote, “The long after the sweep of the 65K lows is active,” suggesting that buyers are still defending the current structure.
Snyder also noted, “The invalidation for the local longs thesis is the 63.7K low,” identifying the key level that must hold for the bullish outlook to remain valid.
Looking ahead, he added, “I’ll look for another confirmation entry long towards 67K liquidity,” while stating that “68.1K is also a good area to TP your longs.“
These comments align with Bitcoin’s current technical picture. The price continues to trade above its 200-day moving average, while the $63.7K support level remains the most important area for buyers to defend. A recovery toward $67K-$68.1K would strengthen the bullish case, whereas losing support could trigger a deeper correction.
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Bitcoin Futures Market Remains Active
Despite the ETF outflows, Bitcoin’s open interest remains near $49 billion, indicating traders continue building positions in the futures market.
At the same time, liquidation data shows both long and short positions have been cleared in recent sessions, suggesting neither buyers nor sellers have established full control. This balanced positioning increases the likelihood of a sharp move once Bitcoin breaks out of its current trading range.
What Bitcoin Traders Should Watch Next
The $63.7K level remains the key support for Bitcoin’s current bullish structure. Holding above it could open the door to $67K, with $68.1K acting as the next major resistance and potential profit-taking zone.
A break below $63.7K would invalidate the current bullish thesis outlined by Snyder and shift attention toward the next major support around $59.3K.
Institutional ETF flows, futures positioning, and Bitcoin price reaction around these technical levels will likely determine the market’s next directional move.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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