In this video Benjamin provides an update to Bitcoin and its bear market resistance band. Video by Benjamin Cowen.
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Bitcoin (BTC) has climbed back above the $65,000 threshold, trading at approximately $65,248 (or roughly €57,171), marking a 1.2% to 1.5% gain over the last 24 hours.
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-Geopolitical Relief: The U.S. and Iran extended a temporary ceasefire over the weekend. This "peace trade" dropped global oil prices by 5%. Lower oil prices eased inflation worries, redirecting liquidity into risk assets like Bitcoin.
-Macro Expectations: Traders are holding tight ahead of the Federal Reserve policy meeting starting tomorrow (July 28–29). The market remains sensitive to rate hike expectations and structural updates regarding the Clarity Act.
-Tight Liquidity: Liquid Bitcoin reserves on centralized exchanges have dropped to multi-year lows. This structural supply crunch means even modest spot ETF inflows are driving quick upward price adjustments.
-Derivatives Cliff: Over $250 million in BTC call options are set to expire on July 31. Heavy option clusters sit tightly at the $70,000 and $72,000 strikes, keeping open interest highly focused on an upcoming break upward.
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