Bitcoin has recorded its third consecutive weekly gain, closing near $65,000 with an 11.5% advance over three weeks. Attention now turns to the $68,000 resistance level, which analysts say is a key crossroads for determining short-term direction. U.S. inflation recorded its first negative monthly reading in six years, creating a more supportive macroeconomic backdrop for risk assets like Bitcoin.
Bitcoin is approaching a key technical level after recording its third consecutive weekly gain. The asset closed last week at around $65,000, rising 1.7% over the period and extending its three-week advance to 11.5%.
It also remained above the $61,360 demand zone despite broader market volatility. Following this sustained recovery, attention has shifted to the $68,000 resistance level.
According to a recent report, this level could determine Bitcoin’s next short-term direction. Analysts identified a key reaction zone between $67,900 and $68,300, where the short-term holder realized price and the second-quarter opening level have converged.
Bitfinex analysts said many holders who bought near the key reaction range may choose to sell once they recover their original positions. That behavior has created selling pressure during similar retests.
A decisive breakout above the resistance zone would require sustained buying in the spot market rather than speculative activity. Otherwise, BTC could face another rejection and revisit lower support levels.
Current institutional demand may play a key role in determining that outcome. U.S. spot Bitcoin exchange-traded funds have shifted from sustained outflows to a more balanced flow pattern.
However, Bitfinex analysts said fresh demand still depends heavily on BlackRock’s IBIT fund. Bitcoin has also captured a larger share of total cryptocurrency spot trading volume in recent sessions.
Analysts said this trend appears to reflect a defensive move away from altcoins rather than a broad return of confidence. Beyond crypto market dynamics, the broader macroeconomic environment has also become more supportive.
June inflation in the United States recorded its first negative monthly reading in six years. Lower energy prices contributed to the decline, while weakness in the housing sector continued through lower building permits and higher inventories.
Despite those signs of slowing activity, consumer spending and business investment have remained resilient. That combination has kept second-quarter economic growth estimates near 2.5%, creating a supportive outlook for risk assets like Bitcoin.
