Bitfinex analysts point to a cluster of 3.55 million bitcoins, purchased around $68,000, as a key factor stalling Bitcoin's climb beyond this level. Despite a solid 10% gain this July, lifting prices from roughly $58,000 to nearly $64,000, Bitcoin repeatedly fails to hold above the $68,000 mark.
The resistance is traced to ask-side liquidity supplied by investors who bought their Bitcoin between six and twelve months ago near current price levels. These holders face breakeven points close to $68,000, and many appear ready to sell as prices approach their entry cost, creating a supply wall that dampens upward momentum.
Bitfinex emphasizes that July’s Bitcoin price action is primarily driven by cryptocurrency-specific factors, especially steady inflows into U.S. spot bitcoin ETFs, rather than broader technology stock trends. The firm highlights a persistent seven-session streak of ETF inflows that have supported the rally, overshadowing influences from major tech players like Nvidia or Alphabet.
However, these ETF inflows haven't been enough to break through the supply cluster near $68,000. The market encounters pressure because buyers must absorb coins from sellers seeking to exit at breakeven. Two price levels converge at this threshold: short-term holder realized prices at about $68,073 and the April monthly open at roughly $68,266, both aligning with the 3.55 million BTC held by medium-term investors.
Weekly data from Farside Investors confirm that U.S. spot bitcoin ETFs continued attracting net inflows in July despite this technical resistance. This ongoing demand is cushioning Bitcoin's price but has yet to overcome the selling pressure concentrated around the $68,000 barrier.
