Where to start
Bitcoin's price is currently facing significant resistance at the $65,000 level, with liquidity being heavily diverted towards technology stocks in the artificial intelligence sector. Analysts at Wise Crypto point out that this capital diversion effect is notably limiting the upside potential of the digital asset market, causing clear stagnation in BTC's attempt to break through the $66,000 mark.
Why just 10 ASX 200 shares?
A macro-level capital misallocation is intensifying market pressure. Data from July 23, 2026, shows that spot Bitcoin ETFs have recorded net inflows for seven consecutive trading days, accumulating nearly $1 billion. However, this contrasts sharply with the massive net outflow of $6.9 billion seen between May and June. In comparison, major tech companies are investing between $190 billion and $205 billion in AI infrastructure this year. NVIDIA's data center revenue surged 92% year-over-year, boosting related sector stocks by 69%, while Bitcoin's price has fallen by approximately 25% over the same period.
Data compiled by Woofun AI shows that the current two-year US Treasury yield is around 4.3%, and the ten-year yield is approximately 4.6%. This high-interest-rate environment is strengthening the US dollar, forcing risk asset investors to become more cautious. At the time of writing, Bitcoin is trading above $65,300, down 0.6% on the day, with a 24-hour trading range of $65,300 to $66,300. The current price is 45% below the all-time high of $126,000 set in October of last year.
Additionally, the US-Iran conflict has kept Brent crude oil at $94 per barrel. The real yield on ten-year TIPS has reached 2.31%, putting direct pressure on non-yielding assets like Bitcoin. Technical analysis and market microstructure present complex signals. Analyst Michaël van de Poppe believes that as long as the price holds above the 21-day moving average, BTC still has a chance to rebound towards $68,000. If this resistance level is held, a move towards the $73,000 range is possible.
Data from Axel Adler indicates that ETFs have raised $439 million this week, and the Bitcoin discount on Coinbase has begun to narrow after persisting for 78 days. A report from Bitfinex notes that the $67,900 to $68,300 range has become a liquidation zone for short-term holders. Analyst EGRAG CRYPTO observes the market is forming a double-bottom pattern, but for the pattern to be confirmed, the price needs to close above $83,000 next week.
Market focus has now shifted to next week's close, with traders closely watching whether key moving averages can provide effective support. If the price fails to break through the aforementioned technical resistance, Bitcoin may continue to trade sideways in its current range, waiting for the macro liquidity environment to become clearer.
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