Bitcoin Stable, US Regulation a Key Factor
Bitcoin traded steadily on Wednesday (July 22nd) at around US$65,958, near a five-week high after briefly touching an intraday high of US$66,872. This movement indicates the crypto market is still trying to maintain its rebound momentum, even though geopolitical pressures and US interest rate expectations have not fully subsided.
Bitcoin's main support comes from improving fund flows into spot Bitcoin ETFs. CoinDesk reported that Bitcoin ETFs recorded around US$727 million inflows in the past week, signaling a return of institutional interest after previous significant pressure.
Market focus is also on the discussion of crypto regulations in the United States, particularly the CLARITY Act. Debate continues over ethical regulations and potential conflicts of interest for public officials holding crypto assets, making the bill a key factor in determining the direction of sentiment in the digital asset industry.
However, risk appetite for crypto remains restrained by US-Iran tensions. Oil prices rose near a six-week high due to concerns over the Strait of Hormuz and the Houthi threat in the Red Sea, which could trigger energy inflation and reinforce expectations of high Fed interest rates.
Altcoins tended to move more subdued and have not fully followed Bitcoin's recovery. Ethereum is around US$1,624.95, XRP at US$1.059, Solana at US$77.97, Cardano at US$0.1725, BNB at US$569.54, and Dogecoin at US$0.0724.
As a result, Bitcoin still has the potential to test the US$66,800–US$68,000 area if ETF inflows continue and regulatory sentiment improves. However, if oil prices continue to rise and the market becomes more confident that the Fed will maintain high interest rates for longer, speculative assets like crypto risk coming under pressure again. Bitcoin's nearest support is around US$65,000, while key resistance is around US$68,000. (arl)
Source: Newsmaker.id
