Bitcoin has extended its recovery toward the $66,000 area, with the chart showing a clear sequence of higher highs and higher lows while the price remains above its short, medium and long-term moving averages. The latest advance suggests buyers remain in control after defending support near $64,000 earlier this month.
Momentum has improved, although Bitcoin is now approaching an important resistance zone where profit taking could temporarily slow the rally.
Softer inflation supports risk assets
The broader macro backdrop has become more constructive for cryptocurrencies. Cooler U.S. inflation data have reinforced expectations that the Federal Reserve could gradually move toward a less restrictive policy stance later this year, easing pressure from Treasury yields and supporting demand for risk assets. Institutional participation has also improved, with U.S. spot Bitcoin ETFs returning to net inflows after the heavy June outflow cycle, signaling that long-term investors are becoming more willing to rebuild exposure.
U.S. Iran conflict keeps volatility elevated
Despite the stronger technical picture, geopolitical risks remain an important source of volatility. The ongoing confrontation between the United States and Iran continues to support oil prices and raises concerns about another inflation shock that could delay future Fed easing. Historically, periods of escalating geopolitical tension have encouraged short-term risk reduction across financial markets, including cryptocurrencies. Even so, Bitcoin has shown notable resilience during the latest escalation, supported by improving institutional inflows and continued optimism surrounding U.S. crypto regulation.
Technical outlook remains constructive
From a technical perspective, Bitcoin continues to trade within a healthy short-term uptrend. Immediate resistance is located around $66,500 to $67,000. A successful breakout above that area would strengthen bullish momentum and expose the market to a move toward $68,000. On the downside, initial support is seen near $64,500, followed by the more significant $63,500 to $64,000 zone. As long as Bitcoin remains above those levels, any pullback is likely to attract renewed buying interest rather than signal a reversal of the broader recovery.
Nevertheless, as I warned in the article Bitcoin stabilizes as ETF inflows return despite escalating U.S.-Iran conflict, although the current rally points to improving bullish momentum, it may still present an opportunity for investors to reduce exposure or initiate new short positions.
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