Bitcoin stalls near $65,000 as tech selling weighs on risk assets

Bitcoin struggled to hold the $65,000 level on Monday, a sign that buyers were still cautious even as some traders argued the setup could improve if the price pushes higher. For everyday investors, the move matters because Bitcoin has been trading more like a risk asset, rising and falling alongside the mood in stocks, tech shares and oil.

TradingView data cited by Cointelegraph showed Bitcoin volatility picking up around the Wall Street open. Bitcoin was quoted at $65,561.68, up 1.56%, while Ether was quoted at $1,900.96, up 1.64%, according to the market data shown in the report.

The key level traders were watching was $65,000. In market terms, that acted as resistance, meaning an area where sellers have repeatedly stepped in and stopped the price from holding above it. Bitcoin made several attempts to break through that level, but the move did not stick.

Tech selling adds pressure

The broader market backdrop was mixed. The Kobeissi Letter said on X that hedge funds had sold information technology stocks in six of the previous eight weeks, citing Goldman Sachs data. Kobeissi said total sales over that eight-week stretch were the largest in at least 10 years.

That matters for crypto because institutional selling in large tech names can reduce investors’ appetite for risk across markets. Bitcoin is separate from equities, but it often trades in the same direction as growth stocks when investors are reacting to macro headlines, funding conditions or geopolitical risk.

US equities were not uniformly lower. Cointelegraph reported that the S&P 500 Index and Nasdaq Composite Index were modestly higher at the time of writing, while the Dow Jones Industrial Average was down 0.3% on the day.

Geopolitics also stayed in focus. Cointelegraph reported that the US-Iran war was weighing on risk appetite, while oil prices remained above $80 per barrel as the Strait of Hormuz appeared set to remain closed amid stronger rhetoric from both Washington and Tehran.

Over the weekend, US President Donald Trump said on Truth Social that Iran should be included in a sanctions package that had initially been focused on Russia.

Traders watch $67,000 to $69,000

Despite the repeated failures around $65,000, some crypto traders remained constructive. Daan Crypto Trades wrote on X that $65,000 had capped Bitcoin for July so far, but said the longer the price stayed near that area, the greater the chance it could break, especially with higher lows forming over the prior three weeks.

Higher lows mean each pullback stops at a higher price than the previous one. Traders often read that as a sign that buyers are becoming more willing to step in, though it does not guarantee a breakout.

Daan Crypto Trades pointed to a level just above $67,000 as the next area to watch, saying that a move there would put Bitcoin into what he called a bullish market structure. In plain terms, that means a chart pattern where buyers appear to have more control than sellers.

Crypto trader and analyst Michaël van de Poppe also pointed to limited summer movement. He told his roughly 819,000 X followers that markets felt like they were on a summer break while discussing Ether.

In a separate X post, Van de Poppe said he was watching for Bitcoin to reach between $67,500 and $69,000 in the coming weeks. Earlier, he had discussed a possible August move as high as $80,000, a level Cointelegraph said was last seen in mid-May.

This story draws on original reporting from Cointelegraph.