Bitcoin Near Key Level: Breakout or Reversal?
Bitcoin moved steadily around US$65,598 on Thursday (July 23rd), still near a five-week high after rebounding from previous pressure. In daily trading, BTC moved in the range of US$65,336–US$66,313, indicating the market is still trying to maintain recovery momentum.
The main sentiment came from the development of the CLARITY Act, a draft regulation on the structure of the crypto market in the United States. The latest draft is said to include protections for blockchain developers and ethical rules regarding conflicts of interest for government officials, with certain provisions having a time limit of 2029.
However, the deliberations on this regulation remain uneventful. Issues of ethics and conflicts of interest for public officials remain a political debate in Washington, so crypto investors are awaiting certainty before taking more aggressive positions.
From a fundamental perspective, Bitcoin continues to receive support from the inflow of funds into spot ETFs. Barron's reported that Bitcoin ETFs recorded another inflow of around US$203.2 million the previous day, although the overall recovery has not yet fully offset the significant pressure experienced in May and June.
On the other hand, Middle East tensions continue to dampen investor interest in riskier assets. Soaring oil prices due to the US-Iran conflict and energy disruptions could fuel inflation concerns, making the market cautious about the possibility of prolonged high interest rates.
Altcoins are moving mixed and not yet fully strong. Ethereum is hovering around US$1,624.95, XRP at US$1.059, Solana at US$77.97, Cardano at US$0.1738, BNB at US$570.82, and Dogecoin at US$0.0724.
As a result, Bitcoin still has a chance to remain positive as long as it can maintain the US$65,000 area and ETF inflows continue. However, if the Middle East conflict leads to continued oil price increases and expectations of high interest rates re-emerge, speculative assets like crypto could come under pressure again. BTC's nearest resistance is around US$66,300–US$68,000, while key support remains around US$65,000. (arl)
Source: Newsmaker.id
