Bitcoin [BTC] managed to push higher to $66,956 on Tuesday, July 21. The bulls were met with rejection back then, but the pullback only reached the $63.9k area before climbing back toward $65k.
Since October, the foremost crypto has been in a bearish swing structure on the 1-day timeframe. This situation has not changed yet.
Bearish ETF flows at the end of the previous week signaled a potential sentiment shift. The funding rates remained positive, and the long volume in the derivatives market slightly outnumbered the short positions.
Selling pressure from miners was down, and it was trading within a rising channel, AMBCrypto reported. Whale accumulation from centralized exchanges also pointed toward a bullish long-term outlook for investors.
Bitcoin price prediction direction remains bearish in the long-term
Not much has changed since the previous week of trading. The $67,292 swing high was not yet breached. Nor was the price headed toward, and below the $57,800 swing low.
Well-known analyst Joao Wedson used the Bitcoin Binance reserve realized price to draw attention to an important support level. The metric measures the average cost basis of Binance’s reserves.
In 2022, this support was lost, later acting as resistance until it was reclaimed in 2024. So far in 2026, the tests of this support at $61k have been defended by the buyers.
Traders’ call to action- Stay cautious
Over the past two weeks, a considerable amount of long and short liquidations have built up at $63.5k and $67.1k, respectively. These are the nearby key magnetic zones swing traders need to keep an eye on.
If the longer-term downtrend is to continue, it would be more likely that Bitcoin climbs to take down the overhead liquidation levels before plunging southward.
The next directional move may depend on a macro catalyst.
The Federal Reserve’s rate decision will be announced on Wednesday, July 29. The Personal Consumption Expenditure [PCE] data would also be revealed just a day later.
We are heading into a critical 48-hour window, crypto analyst Ibrahim Cosart wrote. Managing risk will matter more than making directional bets, the analyst concluded.
Once the dust settles, if BTC has breached $67.2k, a rally toward $73k-$77k would become likely. On the flip side, a breakdown below $63.7k would likely see BTC slump toward the $61k and $57.8k demand zones.
Final Summary
- Bitcoin has been flowing out of exchanges since June, and whale accumulation has been underway recently.
- Bitcoin’s next directional move may hinge on whether buyers continue to defend $61k while attempting to reclaim resistance near $67k.
