Bitcoin Hits $66K on ETF Inflows While Pros Stay Cautious

Bitcoin recently climbed above $66,800, marking its strongest price point in over a month. Spot exchange traded funds played a major role in this recovery by pulling in roughly $981.2 million in net inflows across seven trading days starting from July 14. This turnaround follows a heavy outflow stretch through May and June that left the market searching for direction.

Despite the renewed ETF buying, professional market desks are showing signs of caution. The Coinbase Premium Index has stayed negative for more than 900 cumulative hours, which is the longest stretch in two years. Analysts point to sticky inflation, rising oil prices, and shifting Federal Reserve policies as reasons why institutional sellers remain active.

Market observers are split on whether this movement signals a true market bottom or just another temporary bear rally. Grayscale suggests Bitcoin now trades more like a macro asset tied to interest rates, while Glassnode notes that Bitcoin remains below its short term holder cost basis near $69,000.

Traders are watching to see if ETF buying will hold steady and push the price past the $69,000 resistance level. A successful break could open the path toward $84,000, while a rejection risks sending the coin back down to the $63,000 support area.