Bitcoin has renewed its monthly high: ETF inflows fuel rally to $66,400
On July 21, the first cryptocurrency reached the $66,400 mark, updating its high for about a month. The last time Bitcoin traded at this level was on June 17. The rise is accompanied by a fifth consecutive trading session with net inflows into US spot Bitcoin ETFs — a clear signal of the return of institutional appetite.
A trader under the pseudonym Jelle notes that the $65,000–$67,000 zone is a key resistance level formed in the first quarter. In his opinion, a breakout of this range will open the path to $70,000. And the dynamics hint that this is a very realistic scenario.
The breakout of local resistance triggered a wave of short position liquidations. Over the past 24 hours, positions worth $241.69 million were forcibly closed on the crypto market, of which $182.5 million were shorts. This is a classic short squeeze, amplifying the upward momentum.
On July 20, net inflows into spot Bitcoin ETFs amounted to $226.9 million — the highest since July 6. Over five consecutive trading sessions, the funds attracted about $727.3 million. Such a prolonged positive streak was last observed from April 30 to May 5, when inflows were recorded for six consecutive days.
However, not everything is so clear-cut. Technical analyst Peter Brandt predicts that the current bear cycle will end only on October 4. He allows for Bitcoin to fall below $50,000, down to the upper boundary of the $40,000–$50,000 range, before a bottom forms. Brandt emphasizes: "Markets form bottoms not in neutral sentiment, but in panic and volume." The ongoing optimism, in his view, does not match the conditions for a final capitulation.
Earlier, Brandt expected a bottom in September or October and assumed subsequent growth to $250,000 by the end of 2029. In July, CryptoQuant analysts recorded a divergence in holder behavior: large whales are increasing their positions, while medium-sized wallets are actively selling.
My analysis: The current inflows into ETFs and short liquidations create powerful short-term momentum, but fundamental risks remain. The market is clearly polarized: institutions are entering, while retail is exiting. A breakout above $67,000 will be a trigger for a move to $70,000, but below $50,000 is still a realistic scenario in the event of a macroeconomic shock. Keep an eye on volumes and sentiment — they will tell you who turns out to be right.