Overview
- Bitcoin traded in the low $60,000s after a short squeeze and spot ETF inflows on July 2–3 that ended a multi‑day outflow streak and pushed price back above roughly $63,000.
- Flow data conflict: some trackers show a roughly $221–$224 million one‑day inflow that sparked the bounce while other providers report a roughly $526.6 million weekly outflow and an eighth straight week of ETF withdrawals.
- Large holders and structural supply pressures are weighing on the market with reports of selling by Strategy, unresolved Mt. Gox and government repayment risks, and low exchange inventories that make price moves more sensitive to big trades.
- Macro and geopolitical risks are the next catalysts because June payrolls weakened expectations for near‑term Fed hikes but the Fed’s June minutes and July CPI could reverse that view and push prices lower; renewed Strait of Hormuz tensions add further uncertainty.
- Traders say the recovery depends on sustaining institutional demand and holding $62,500–63,500 as support to test resistance near $64,000–65,700, otherwise the market could give back gains and revisit the $58,000–61,000 area.