The bitcoin price reached $66,400, confidently updating its monthly maximum. This growth was accompanied by the fifth consecutive day of net capital inflows into U.S. spot exchange-traded funds. The last time the cryptocurrency was trading at similar levels was in mid-June. According to the SoSoValue analytical platform, the funds raised about $727 million in five trading sessions. On the twentieth of July alone, the net inflow amounted to 226.9 million dollars, becoming the highest figure since the beginning of the month. Such stable support from institutional investors creates a solid foundation for further market movement.

The breakdown of the local price range provoked large-scale liquidation of short positions on cryptocurrency exchanges. According to the Coinglass aggregator, transactions totaling $241.69 million have been forcibly closed over the past 24 hours. Of this amount, shorts accounted for more than $182 million. Traders note that the $65,000 to $67,000 zone is a strong resistance formed back in the first quarter. If this barrier is confidently overcome, analysts predict further movement of the asset to the psychological mark of $ 70,000.

Despite the current optimism, experienced investor Peter Brandt warns of possible short-term risks. He called the fourth of October the expected date for the end of the current bearish cycle in the market of the first cryptocurrency. At the same time, the expert does not exclude a preliminary price drop to the range of 40,000 to 50,000 dollars. Brandt emphasizes that the true market bottom is formed only against the background of panic and high trading volumes, and not with neutral sentiment. Previously, analysts also recorded a discrepancy in the behavior of market participants, where large investors accumulate assets, while medium-sized wallets record profits.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.