On July 21, Bitcoin's price reached $66,400, marking a monthly high. This increase coincided with the fifth consecutive trading day of net inflows into U.S. spot exchange-traded funds (ETFs) based on the asset.

The last time the leading cryptocurrency was around this level was on June 17.

15-minute BTC/USDT chart from Binance. Source: TradingView.

A trader known as Jelle identified the $65,000–67,000 range as resistance formed in the first quarter. If this level is surpassed, he anticipates a move towards $70,000.

$BTC reclaimed the range lows, and is now pushing higher - as expected.

The area between 65 and 67k is resistance from the Q1 range, but given how we sliced through it on the way down - it might not put much of a fight up here either.

Eyes on those 70k range highs if so. 👀 pic.twitter.com/A1SSUSu2lU

— Jelle (@CryptoJelleNL) July 21, 2026

The breakout from the local range was accompanied by short position liquidations. According to Coinglass, $241.69 million in positions were forcibly closed in the crypto market over the past 24 hours, with $182.5 million attributed to shorts.

Source: Coinglass.

On July 20, net inflows into U.S. spot Bitcoin ETFs totaled $226.9 million, the highest since July 6. Over five consecutive trading sessions, the funds attracted approximately $727.3 million, according to SoSoValue.

This positive streak is the longest since the period from April 30 to May 5, when funds recorded inflows for six consecutive trading days.

Source: SoSoValue.

From July 13 to 17, spot Bitcoin ETFs attracted $75.5 million, marking a positive finish for the second consecutive week. The main source of inflows during this period was BlackRock's IBIT with $204.1 million, while the largest outflow came from Fidelity's FBTC, totaling $181.1 million.

Technical analyst Peter Brandt has suggested October 4 as the potential end date for the current bear cycle, as reported by Cointelegraph. He acknowledged, however, that pinpointing the exact day of the market's bottom is nearly impossible.

Before a bottom forms, he anticipates Bitcoin could drop below $50,000, possibly reaching the upper end of the $40,000–50,000 range.

"Markets form bottoms not in neutral sentiment, but in panic and volume," Brandt stated.

He believes the prevailing optimism among market participants does not align with the conditions necessary for final capitulation. Before a reversal, some investors must become disillusioned with the prospects of the leading cryptocurrency.

Previously, Brandt had predicted a bottom could form in September or October, allowing for a price drop to $40,000–50,000. He then expected Bitcoin to rise to $250,000 by the end of 2029.

It’s worth noting that in July, CryptoQuant contributor Amr Taha observed a divergence in the behavior of Bitcoin holders: large whales are accumulating positions while medium wallets are selling off.