Bitcoin rallies toward $65,000 on ETF inflows and softer US inflation

Bitcoin surged past $64,600 on July 10, marking a 15% gain since early July and testing the $65,000 resistance as ETF inflows and softer US inflation data revived risk appetite [1].

What drove the move

Analysts linked the rally to three main factors. First, the market cleared the “overhang” from Michael Saylor’s $200 million Bitcoin sale, removing uncertainty about a large holder offloading more coins [1]. Second, spot Bitcoin ETFs attracted more than $180 million of net inflows after June’s CPI fell 0.4% and PPI slipped 0.3%, prompting a reassessment of Fed rate‑cut odds [2]. Third, softer inflation numbers lowered expectations for a 25‑basis‑point Fed hike at the September meeting, boosting broader risk sentiment [2].

On‑chain data showed that speculative and spot demand were contracting less aggressively than the prior month, a nuance noted by CryptoQuant’s Julio Moreno, who also highlighted July’s historically positive seasonal bias for Bitcoin, with past down‑cycle Julys delivering roughly +20% returns [1].

Price context and technical outlook

The $64,600 level sits just below the 50‑day EMA at $65,070, which many traders view as the first major resistance hurdle. A brief breach to $65,500—its highest since June 22—was erased by renewed geopolitical tension surrounding Iran‑U.S. disputes, pulling the price back into the $64,100–$64,300 support zone [2].

Technical indicators show higher lows on the 4‑hour chart and an RSI near 56, suggesting momentum without overbought pressure, while the VPVR highlights $63,000–$65,000 as a high‑activity price band where buyers and sellers are actively matching orders [2].

Market sentiment and liquidity pockets

CoinGlass data identified a concentrated short‑liquidation pocket between $65,700 and $66,000; a sustained move into that range could trigger forced short covering and propel Bitcoin toward $67,200–$68,400, according to Daan Crypto Trades [2]. Conversely, support clusters around $64,100–$64,300 house leveraged positions that could absorb further downside pressure, with a secondary support near $63,600–$63,800 if the lower band is breached [2].

What to watch

• $65,070 – $65,500: 50‑day EMA and short‑liquidation zone; a clean close above could spark a rally toward $67,200.
• $64,100–$64,300: Immediate support zone; breach may open a path to $63,600–$63,800.
• Upcoming regulatory developments, such as the potential “Crypto Clarity Act” amendment expected next week, could add further directional bias [1].

The rally underscores how macro‑economic easing and institutional inflows can quickly shift Bitcoin’s short‑term trajectory, but the price remains vulnerable to geopolitical shocks and key technical thresholds.