Bitcoin traded around $65,900 on Wednesday and rose above $66,800 during the day. The price remained above the $65,000 threshold despite the re-escalation of tensions between the United States and Iran. Attention in the market has turned to whether geopolitical pressure will create a new wave of selling on risky assets.
A threshold of 65 thousand dollars is monitored in the market
Bitcoin dropped to $65,919 after hitting $66,872 during the session. The asset, which fell below $60,000 in early July, reached its highest levels in more than a month with the subsequent recovery. In short-term transactions, the $65,000 level stands out as the main threshold for direction determination.
On the four-hour chart, $65,000 is positioned near the middle zone of the ascending parallel channel. If there is a permanent close below this level, the 61.8 percent Fibonacci retracement zone at $63,458 may come to the fore. If the channel resistance at $66,956 is exceeded, the next technical target is $69,116.
Bitcoin’s hold above $65,000 indicates that buyers have not completely withdrawn from the market despite news of conflict in the region.
US-Iran tensions increase regional risk
US President Donald Trump said that the Washington administration had not completed its military operations and warned that heavy attacks could be carried out on the Pickaxe Mountain nuclear facility in Iran. The Iranian side announced that any attack on this underground facility would spread the war to a wider area and trigger new responses.
The extension of the conflicts to Bahrain, Kuwait and Jordan further increased the perception of regional risk. While the Gulf countries announced that their air defense systems were activated, the pressure on the shipping lines around the Strait of Hormuz and the Red Sea created an additional burden on the energy markets. Despite this, US officials maintain that the door to negotiations is not completely closed.
Mini glossary: Spot Bitcoin ETF is an exchange-traded investment fund that directly holds Bitcoin. BlackRock is one of the world’s largest asset management companies; IBIT is the company’s spot Bitcoin ETF product.
ETF inflows and large wallets supported demand
US spot Bitcoin ETFs recorded total net inflows of $226.92 million on July 20. Thus, the positive flow streak was carried over to the fifth day. There was an inflow of approximately $116 million into BlackRock’s IBIT fund and $72.74 million into the ARKB fund. This picture created support on the institutional demand side for Bitcoin at a time when geopolitical risks increased.
| Pen | Data |
|---|---|
| Total net ETF inflow | $226.92 million |
| IBIT login | $116 million |
| ARKB entry | $72.74 million |
| Positive flow series | 5 days |
According to CryptoQuant data, wallets holding 1,000 to 10,000 BTC added approximately 48,000 BTC in the last month. The total balance of this group reached 3.09 million BTC. Separate data showed that major investors accumulated more than 270,000 BTC in a two-week period in the first part of July.
Five consecutive days of net inflows in US spot Bitcoin ETFs have served as one of the mainstays for the price amid rising geopolitical risk.
Technical indicators maintain an uptrend
The fact that the MACD line remains above the signal line and the ADX indicator continues to rise indicates that buyers maintain their dominance in the short term. However, without a confirmed close above $66,956, a new move towards $69,116 cannot be said to be technically certain. A loss of $65,000 in a possible pullback could turn the focus back towards the $63,458 support.
