Key Takeaways:
Bitcoin is testing the $65,000 resistance level for the first time in two weeks as spot ETF inflows resume and the world's largest asset manager signals confidence in the market's next leg higher.
Bitcoin rose 3.2% to $64,335 as of 14:30 UTC, approaching the $65,000 resistance that has capped rallies since mid-June. The move comes as spot bitcoin exchange-traded funds recorded net inflows after a period of investor withdrawals, with BlackRock's IBIT fund leading the recovery.
"I'm very bullish on the markets over the next 12 months," Larry Fink, chief executive officer at BlackRock, told CNBC. "There was too much leverage players in it. That's why we had the wash out and I think there's more stability at these levels here."
BlackRock posted Q2 revenue of $7.1 billion, up 31% from a year earlier, with record $15.3 trillion in assets under management. The firm's iShares Bitcoin Trust (IBIT), the market-leading spot bitcoin ETF, contributed to the inflow surge that beat Wall Street forecasts. Fink described crypto-powered tokenization as "the next revolution in finance," positioning BlackRock's bitcoin fund as the first step in digitizing Wall Street.
JPMorgan analysts said improving institutional demand in bitcoin futures offered "encouraging signs" for the price outlook, according to a note seen by The Block. The bank added that corporate bitcoin buyer Strategy recently boosting its cash reserves has helped support prices even as spot ETF flows remained volatile.
On-chain data reinforced the bullish tilt. Wallets holding 10 to 10,000 BTC added roughly 11,000 bitcoin over the past week, according to Santiment, a meaningful accumulation signal from a tier of holders that has historically tracked closely with price direction.
The macro backdrop, however, remains mixed. The June consumer price index fell 0.4%, its largest monthly decline since April 2020, with annual inflation slowing to 3.5% from 4.2%. That briefly lifted risk assets and weakened the case for a near-term Federal Reserve rate increase. But Fed Chair Kevin Warsh told lawmakers the central bank had "no tolerance for persistently elevated inflation," and the improvement was driven largely by a 9.7% drop in gasoline prices that has since reversed as US-Iran hostilities escalated.
Brent crude rose above $87 per barrel after the US reinstated a naval blockade on Iran, threatening to push headline inflation higher in July and complicate Bitcoin's attempt to clear resistance.
BlackRock's global fixed income chief investment officer, Rick Rieder, pointed to up to $9 trillion in sidelined cash that could fuel an "explosive rally" once geopolitical uncertainty clears, citing SpaceX's record-breaking IPO as a catalyst that could unlock capital markets momentum.
Near-term support sits at $62,000 to $63,000, while a sustained break above $65,000 to $66,000 would open the path toward $70,000, according to Bitget Wallet research analyst Lacie Zhang. Such a move may require easing oil tensions, further ETF inflows, or a softer policy signal from the Fed.
This article is for informational purposes only and does not constitute investment advice.
