Bitcoin (BTC) remained under pressure on Monday after failing several times to break above the key $65,000 resistance level, while broader financial markets faced uncertainty due to escalating US-Iran tensions and a sharp institutional sell-off in technology stocks.
Despite the recent weakness, many market analysts continue to expect Bitcoin to move toward the $67,000–$70,000 range in the coming weeks if bullish momentum returns.
Bitcoin experienced increased volatility during Monday’s trading session but was unable to establish a sustained move above $65,000.
Market analysts noted that the cryptocurrency has repeatedly tested this resistance level throughout July without a successful breakout.
According to trader Daan Crypto Trades, the longer Bitcoin consolidates near the resistance zone while forming higher lows, the greater the likelihood of an eventual breakout.
Analysts believe a move above $67,000 could confirm a stronger bullish market structure and open the door for further gains.
Investor sentiment remained cautious as geopolitical tensions in the Middle East intensified following continued military exchanges between the United States and Iran.
At the same time, institutional investors accelerated their selling of US technology stocks.
Market research firm The Kobeissi Letter, citing Goldman Sachs data, reported that hedge funds have sold technology shares at the fastest pace in at least a decade, with information technology stocks being sold in six of the past eight weeks.
Despite the selling pressure, the S&P 500 and Nasdaq posted modest gains during Monday’s session, while the Dow Jones Industrial Average traded lower.
Oil prices remained elevated above $80 per barrel as concerns persisted over potential disruptions to shipping through the Strait of Hormuz.
The ongoing geopolitical conflict has increased fears of supply interruptions, contributing to volatility across global financial markets.
Higher energy prices have also raised concerns about inflation, prompting investors to adopt a more cautious approach toward risk assets, including cryptocurrencies.
Despite short-term resistance, several analysts maintain a positive outlook for Bitcoin.
Many expect BTC to trade between $67,500 and $69,000 in the coming weeks if buying momentum strengthens.
Crypto analyst Michael van de Poppe also suggested that seasonal market conditions have limited price movements during the summer, but believes Bitcoin could recover further in the coming months, with longer-term projections extending toward $80,000 if bullish momentum returns.
For now, traders continue to closely watch the $65,000 resistance level, which remains the key barrier before Bitcoin can attempt another rally.
