Bitcoin hit the $66,400 mark: ETF inflows fueled bullish momentum
On July 21, the market witnessed a confident breakout: Bitcoin reached $66,400, hitting a roughly one-month high. The asset last traded near these levels on June 17. The current rise is not a random spike, but the result of consistent accumulation, confirmed by ETF statistics.
U.S. spot Bitcoin funds recorded a fifth consecutive day of net inflows. On July 20, the figure stood at $226.9 million — the highest since July 6. Over five sessions, ETFs attracted approximately $727.3 million. This is the longest positive streak since the beginning of May, clearly indicating the return of institutional interest.
The technical picture also confirms a shift in sentiment. Trader Jelle rightly notes that the $65,000–$67,000 zone had been resistance since the first quarter. However, given how easily the price passed through this range during declines, a breakout to the upside was only a matter of time. The next target is the $70,000 area, where significant liquidity is concentrated.
The sharp rise triggered massive liquidations. Over the past 24 hours, positions worth $241.69 million were forcibly closed on the market, of which $182.5 million were shorts. This is a classic bear squeeze scenario that only amplifies the upward momentum.
However, one should not forget the warnings from veterans. Peter Brandt reminds us that markets form bottoms not on optimism, but on panic. He suggests that the current bear cycle may only end by October, allowing Bitcoin to fall into the $40,000–$50,000 zone. In his view, the persistent positivity among participants does not align with the conditions of a final capitulation.
In my opinion, the inflow into ETFs is a powerful driver, but it does not eliminate macroeconomic uncertainty. The market moves in waves: an accumulation impulse may be followed by a correction, especially if large players decide to take profits. For now, the bulls are in control, but full confidence will only return after a firm hold above $68,000.