- Bitcoin traded above US$65,800 on Wednesday, its highest level in more than a month and about 15% above its 2026 lows.
- Spot Bitcoin ETFs recorded a sixth consecutive session of net inflows, drawing about US$779 million since July 13 in their longest run since May.
- Bitfinex analysts flagged US$68,000 as the next test, where five months of underwater buyers sit at break-even and may sell into the rally.
Bitcoin (BTC) climbed above US$65,800 (AU$102K) on Wednesday, its highest level in more than a month, as spot exchange-traded funds extended a run of net inflows to a sixth straight session and revived expectations of a sustained recovery.
Renewed fund demand has reversed a punishing quarter. Spot Bitcoin ETFs have absorbed about US$779 million (AU$1.21 billion) since July 13, their longest daily inflow streak since May, lifting total net assets across the funds to about US$79 billion (AU$122.5 billion) from roughly US$71 billion (AU$110.1 billion) in late June.
That turnaround follows June’s US$4.7 billion (AU$7.29 billion) in redemptions, the heaviest monthly outflow since the funds launched.
Roughly 90% of June trading days closed with net outflows. In late July, only about one-third have. Flows for 2026 remain negative overall at about US$4.84 billion (AU$7.5 billion).
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Break-Even Wall at $68,000
Bitfinex analysts identified US$68,000 (AU$105,400) as the level that will decide the rally, because it sits near the average purchase price of investors who bought Bitcoin over the past five months.
Those holders are underwater, and a first move back to break-even typically releases supply into the market.
Bitfinex analysts stated: “The first retest of this resistance zone is expected to catalyze a sharp response.”
US$68,000 (AU$105,400) also marks the mid-June high, where the previous rally attempt failed before Bitcoin slid to an early-July trough near US$59,000 (AU$91,450) and a cycle low below US$58,000 (AU$89,900). Above US$70,685 (AU$109,600), overhead supply thins sharply, leaving fewer holders positioned to sell.
Bitcoin has recovered about 15% from its 2026 lows without reclaiming the ranges it held earlier in the year, and the six-day inflow run remains modest against the volumes recorded before June’s exodus.
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