In this video I break down the current Bitcoin price action to determine if we are seeing a sustainable trend change or just another bear market rally. I analyze the latest microstructures and Elliott Wave patterns to see if the recent bounce has enough strength to test key resistance levels or if a deeper correction is the more probable path ahead. Video by More Crypto Online.
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Bitcoin (BTC) is trading around $66,000, fluctuating between a daily low of $65,540 and an intraday high near $67,000 as it consolidates near a five-week peak.
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Bitcoin Insights Today
-Regulatory Optimism Sparks Recovery - Treasury Secretary Scott Bessent announced that lawmakers are at the “1-yard line” regarding the Digital Asset Market Clarity Act. “The newly approved ethics language agreed to by Trump would ban federal officials from issuing cryptocurrencies and put the Justice Department in charge of enforcing the prohibition,” raising prediction market odds of the market structure bill passing before the August recess.
-Strong ETF Inflow Streak - Institutional demand is acting as a major pillar for the current price defense. “U.S. spot Bitcoin exchange-traded funds extended their recovery to six consecutive sessions, adding $203.1 million on Tuesday,” accumulating nearly $930 million over this timeframe. This represents the longest run of daily inflows the funds have experienced since April.
-Oil Surges & Inflation Concerns Resurface - Upside momentum was capped as WTI crude oil breached $85 per barrel. This spike has reignited core global inflation fears, prompting a micro-rotation inside the digital asset space. Bitcoin's market dominance climbed to 59% today as capital moved out of riskier altcoins and stablecoins into the relative safety of BTC.
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