Bitcoin gained roughly 10% in July, rebounding from lows near $58,000 to around $63,955 by July 24. However, Bitfinex analysts believe 3.55 million BTC acquired near $68,000 are blocking a sustained move above that level.

The analysts framed the market’s recent advance around crypto-native demand rather than broader technology-sector momentum and correlations:

“What is driving BTC price action in July is internal to the cryptocurrency market: exchange traded fund (ETF) flows and derivatives positioning.”

According to Bitfinex, spot bitcoin ETF demand has become the dominant force behind July’s rally, outweighing the influence of AI-related technology stocks. The assessment coincided with a seven-session inflow streak for U.S. spot bitcoin ETFs.

They added that bitcoin’s recent price moves are better explained by crypto-specific factors, rather than by its correlation with major tech stocks such as Nvidia Corp. (Nasdaq: NVDA) and Alphabet Inc. (Nasdaq: GOOGL).

Bitcoin price chart as of July 24 at 10:10 EDT. Source: Bitcoin.com Markets.

Despite steady ETF buying, bitcoin repeatedly struggled to establish itself above $68,000. Bitfinex attributed that resistance to ask-side liquidity from investors whose acquisition prices are concentrated around the same threshold.

“What caps the move is ask-side liquidity in the order books,” the analysts said. “Two levels converge at $68,000: the short-term holder realized price at $68,073 and the April monthly open at $68,266, with those 3.55 million coins aged six to 12 months carrying cost bases in the same band.”

That cluster includes investors who bought bitcoin six to 12 months ago and are now approaching breakeven. Some may sell when prices return to their entry points, adding supply near $68,000. That selling explains the wall: Buyers must absorb coins from holders seeking to exit at breakeven before bitcoin can turn $68,000 into support.

Weekly fund flow data from Farside Investors shows that U.S. spot bitcoin ETFs continued attracting net inflows during July despite technical resistance. The inflows are supporting bitcoin, but they have not cleared the supply concentrated near $68,000.

Bitfinex reported that entities holding between 100 and 1,000 BTC sold about $5.1 billion worth of bitcoin during May and June at current prices, far more than spot bitcoin ETFs absorbed during their strongest seven-day buying streak.

The firm said the next key test is whether bitcoin can establish itself above $68,000 without relying on excessive leverage. A move driven by steady spot demand rather than speculative futures trading would suggest buyers are absorbing the supply from investors selling near breakeven, increasing the chances that the long-standing resistance zone can become a new area of support.

If bitcoin breaks above $68,000 and holds there, investors waiting to break even may stop selling, removing a major barrier to further gains.

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