Bitcoin tore past $64,600 on July 10, closing in on the $65,000 mark after a 10-day rally that lifted the token more than 15% from sub-$58,000 levels. The move erased weeks of stagnation and handed bulls their best stretch since mid-June.
The biggest single catalyst: the market finally digested a known overhang. Strategy – the Michael Saylor-led firm – recently sold roughly $200 million worth of Bitcoin. For weeks, traders had braced for that supply to hit the market and keep a lid on prices. Instead, the sale was absorbed without a hitch, and once the uncertainty vanished, buyers stepped in aggressively. What had looked like a drag turned into a relief rally.
Regulatory tailwinds added fuel. Circle, the issuer of USDC, received approval to charter a US national trust bank – a move that indications deeper institutional integration for stablecoins. Separately, news broke that a new version of the Clarity Act could be introduced as early as next week, raising hopes for more transparent digital-asset rules in Washington.
ETF flows remain a powerful backstop. Spot Bitcoin funds have pulled in daily inflows between $221 million and over $300 million. Last week’s net total hit $1.347 billion, a pace that suggests institutional demand is far from tapped out.
July seasonality also helps. Data from the past decade shows Bitcoin tends to post steady gains in the seventh month. Even during the brutal bear markets of 2018 and 2022, the token rallied 20% and 17% respectively in July. That historical pattern gives bulls a statistical crutch – though past performance is never a guarantee.
Still, the rally’s durability is an open question. The rebound could prove to be a short-term relief rally rather than the beginning of a sustained uptrend. On the charts, Bitcoin must first clear $65,600 – the June 22 high. A break above $67,300, the level hit in mid-June, would provide stronger confirmation that the market has truly turned. As one Psalion official put it: the move toward $65,000 is encouraging, but it does not yet confirm a firm bottom.
The next few weeks are critical. If Bitcoin can punch through those resistance levels while ETF inflows keep flowing and regulatory clarity advances, the narrative could shift from relief to recovery. If it stalls, traders will be left wondering whether the selling overhang was ever the real problem – or just a convenient excuse.
Bitcoin rises past $64,600 as large Bitcoin sale causes no price drop and fund inflows grow
Bitcoin rallied to nearly $65,000 after major selling pressure cleared and ETF inflows remained strong. Regulatory progress and stablecoin approvals boosted sentiment for the broader crypto market.