[Analyst: $68,000 is a key resistance level for Bitcoin, may face significant selling pressure] BlockBeats News, July 22: Bitcoin surged above $65,800, reaching a one-month high. The U.S. spot Bitcoin ETF recorded net inflows for the sixth consecutive trading day, with $203 million flowing in on Tuesday, bringing the total inflow since July 13 to approximately $779 million. On the same day, the spot Ethereum ETF saw net inflows of $37.5 million, marking its third consecutive day of inflows. Bitfinex analysts believe that $68,000 is the next critical level for Bitcoin, as this price point converges with the cost basis of short-term holders and the Q2 opening price. Investors who bought Bitcoin in the past five months and are still at a loss may sell when the price returns to their cost basis, potentially triggering significant selling pressure during the first test of this level. K33 Research Director Vetle Lunde stated that Bitcoin is currently in a seasonally low trading volume phase. As of July 19, the 30-day spot trading volume was only 62.4% of the annual average. July CME Bitcoin open interest remained below 100,000 BTC, marking the lowest level since October 2023, indicating weak institutional participation. Meanwhile, ETF fund flows have improved, primarily supported by BlackRock's IBIT. Capital.com analyst Daniela Hathorn views $63,000 as a recent support level. If Bitcoin holds above this level and regains stability between $65,000 and $66,000, it could strengthen upward momentum for testing higher levels. Conversely, a break below the support level may trigger a new round of profit-taking. [Original link]