Bitcoin Surges Past $66,000 to Hit Highest Level in Over a Month

TradingKey - Spot US Bitcoin ETFs recorded net inflows for six consecutive trading days, supporting Bitcoin's price as it climbed past $66,000 and sending a positive bullish signal.

On July 22, Bitcoin ( BTC) extended its recent rally, breaking through the key $66,000 mark in one go. Over the past 24 hours, Bitcoin rose 1.5% to a high of $66,890, marking its highest price in over a month.

As Bitcoin regained its strength, sentiment in the cryptocurrency market warmed up in tandem. Major crypto assets such as Ether, Ripple, and Solana advanced together, while market trading volume increased significantly.

This rally was mainly driven by a recovery in global market risk appetite, which attracted capital back to the crypto market. According to Coinglass data, US spot Bitcoin ETFs recorded continuous net inflows over the last six trading days, with a net inflow of $226 million this Monday (July 20), hitting a new high in nearly half a month.

From a technical analysis perspective, Bitcoin's price has broken out of its downward channel, signaling a reversal of the downtrend and paving the way for a further rebound. However, it might retest the $65,000 level before launching a new offensive, with the potential to challenge the $70,000 mark this week.

Bitcoin price chart, Source: TradingView