BlockBeats News, July 22nd, Bitcoin rose above $65,800, hitting a new high in over a month. The US spot Bitcoin ETF saw net inflows for the 6th consecutive trading day, with $203 million flowing in on Tuesday, totaling about $779 million since July 13th; meanwhile, the spot Ethereum ETF saw a net inflow of $37.5 million on the same day, marking the 3rd consecutive day of inflows.

Bitfinex analysts believe that $68,000 is the next key level for Bitcoin. Around this level, the short-term holders' cost basis converges with the Q2 opening price. Investors who have been at a loss for the past 5 months since buying may sell when the price returns to their cost basis, potentially triggering significant selling pressure for the first test of this level.

K33 Research Director Vetle Lunde stated that Bitcoin is currently still in a seasonal low-volume phase. As of July 19th, the 30-day spot volume is only at 62.4% of the annual average. The July CME Bitcoin open interest has remained below 100,000 BTC, hitting the lowest level since October 2023, indicating relatively weak institutional participation. Concurrently, ETF fund flows have improved, but are mainly supported by BlackRock's IBIT.

Capital.com analyst Daniela Hathorn sees $63,000 as a recent support level. If Bitcoin maintains its position above this level and reclaims the $65,000 to $66,000 range, it may strengthen the upward momentum testing; however, a breakdown below the support level could trigger a new round of profit-taking.