Bitcoin faced strong resistance at $65,000 on Monday as traders hesitated and broader risk-asset markets remained under pressure. The price action emerged around the Wall Street open, with volatility picking up but no clear breakout in sight.
A major factor weighing on sentiment is a sell-off in US technology stocks. According to The Kobeissi Letter, hedge funds have been dumping tech shares at a pace not seen in at least a decade. In a post on X, the trading resource cited Goldman Sachs data showing that funds sold information technology stocks in six of the last eight weeks. That eight-week total is the largest in ten years.
Meanwhile, US equities had a mixed start to the week. The S&P 500 and Nasdaq Composite were slightly higher at the time of writing, while the Dow Jones fell 0.3%. Geopolitical tensions between the US and Iran kept oil prices above $80 per barrel. The Strait of Hormuz remained a flashpoint, and President Donald Trump called for Iran to be included in a new sanctions package aimed at Russia.
Bitcoin price stuck below $65K
For Bitcoin, the $65,000 level has become a tough ceiling. Trader Daan Crypto Trades noted that this price has capped Bitcoin’s gains for the entire month of July so far. In his view, the next upside target is just above $67,000, which would mark a shift into a bullish market structure for BTC/USD.
Some traders point to seasonality as a factor. Summer is historically a quiet period for crypto, with no major moves in either direction. Analyst Michaël van de Poppe described the current market as being in a “summer break.” He set a Bitcoin price target between $67,500 and $69,000 for the coming weeks, and sees potential for a move toward $80,000 in August, a level last seen in mid-May.
Outlook remains cautious
For now, Bitcoin appears to be range-bound. The $65,000 resistance is strong, and without a catalyst, a breakout seems unlikely in the short term. The ongoing tech stock sell-off and geopolitical uncertainties add to the cautious mood. Whether Bitcoin can gather enough momentum to push higher remains an open question.
