Bitcoin surged to 64,000 USD this round mainly because institutions have been propping it up behind the scenes. Over the past two days, spot ETFs have seen net inflows for three consecutive days. Just BlackRock and Fidelity alone have poured in tens of millions of dollars. The institutions’ stance to buy the dip in batches within the 62,000 to 65,000 range is quite resolute. However, the macro backdrop is a bit worrying right now. In the Middle East, tensions around the Strait of Hormuz have tightened; in the after-hours market, international oil prices jumped. When risk-off sentiment kicks in, even U.S. tech stocks pull back, which will likely limit $BTC ‌ upside space to some extent.

For the next stretch of trading, I expect the market to continue shaking out and trending higher. The 64,000 level is now the lifeline for the bulls. As long as it holds firm, the first hurdle above is the psychological level at 65,000 USD. If institutional buying stays strong and that resistance at 65,000 gets broken through, then it would be perfectly fine to directly test the swing high around 65,800 afterward. For short-term trading, watch the strong support at 62,700. As long as it doesn’t break down, you can hold with confidence. On-chain, spot sell pressure has basically dried up; large players have little desire to sell. Just accumulate on dips—don’t easily give up the coins you’re holding.#SummerCreationCamp