Bitcoin faced a tough resistance level at $65,000 on Monday, as traders pulled back from risk assets amid a broader sell-off in US tech stocks. The price of BTC struggled to gain momentum, with the $65,000 mark repeatedly acting as a ceiling for the past several weeks.
Crypto stocks under pressure from record tech sell-off
Data from TradingView showed BTC/USD volatility picking up around the Wall Street open. Meanwhile, US equities started the week with multiple challenges, including a tech-stock sell-off that seemed to be gaining strength and geopolitical tensions with Iran. The Kobeissi Letter, a trading analysis resource, reported that hedge funds were dumping tech stocks at a pace not seen in at least a decade. According to their analysis, which cited Goldman Sachs data, hedge funds have been selling information technology stocks in six of the last eight weeks, pushing eight-week sales to a record high.
Interestingly, the S&P 500 and Nasdaq Composite were both slightly higher at the time of writing, while the Dow Jones dipped 0.3% on the day. Oil prices, meanwhile, stayed above $80 per barrel as the Strait of Hormuz remained a concern, with the US and Iran exchanging heated rhetoric. Over the weekend, President Donald Trump posted on Truth Social, calling for Iran to be included in a sanctions package originally focused on Russia.
$65K acts as a stubborn ceiling for Bitcoin
Bitcoin’s price action has been stuck below $65,000, with the level repeatedly failing to break. Trader Daan Crypto Trades noted on X that this mark has capped price action throughout July. He suggested that the next upside target lies just above $67,000, which he described as the point where BTC/USD would break into a bullish market structure.
Some analysts pointed to seasonality as a factor. Summer is typically a slow period for crypto, with few major moves. Crypto trader and analyst Michael van de Poppe told his roughly 819,000 followers on X that the markets feel like they are on a summer break. He gave a BTC price target of between $67,500 and $69,000 for the coming weeks, with the possibility of hitting $80,000 by August, a level last seen in mid-May.
For now, the market remains cautious. While some see potential for a breakout, the combination of institutional selling, geopolitical risks, and seasonality seems to be keeping Bitcoin’s upside in check. Whether $65K will break in the near future remains uncertain, but it certainly feels like the market is waiting for a clearer direction.
