$BTC Pulls Back Again After Brief Rebound – ETF Pressure Lingers 📉

Bitcoin rallied toward $64,500 earlier this month on short-covering but has pulled back slightly, now trading around $63,800–$64,000. This follows the brutal June breakdown that took it below the key $60k psychological level for the first time in months.
Technical Snapshot:
• Support: $60,000–$62,000 zone (recent lows and psychological floor)
• Resistance: $65,000–$66,000 (moving averages and prior highs)
• Momentum: Mixed — July bounce was mostly short-squeeze driven rather than fresh conviction. Bearish divergences appearing on RSI as price stalls.
The Setup:
The repeated drops are driven primarily by record US spot Bitcoin ETF outflows — over $4B in June, the worst month since launch. Institutional selling was compounded by:
Capital rotation into AI/tech stocks
Hawkish Fed signals reducing rate-cut hopes
On-chain weakness and leveraged liquidations
Technically, BTC broke below the 50-month EMA and key trendlines in June, flipping $60k from support into resistance. The recent rebound lacked strong spot demand, making it fragile.
Short-term range-bound with slight downside bias unless it decisively reclaims $65k on volume. Extreme fear levels suggest capitulation may be close, but confirmation is still needed.
Is $60k the ultimate line in the sand, or more downside ahead? Drop your thoughts below 👇
‍#Bitcoin #BTC #Crypto #TA