On the flip side, Bitcoin was able to reclaim a key support level, which should provide more bullish momentum.
US CPI data for June brought a much-needed lift to cryptocurrency markets, pushing the largest group to a new three-week peak at $65,500.
However, after making around $4,000 in just one day, the asset was rejected and paid south of $1,500. According to popular cryptocurrency analysts, this was not an isolated or accidental rejection, as history might chart the path forward.
Why was Bitcoin stopped?
encoder rover male BTC faced the same scenario after every comfortable rally during this down cycle. It rises to the achieved price of the short-term holder, then the bears rise and stop its advance. He believes this is because it is an average cost basis for new buyers.
“Once they get back to breakeven, many sell out of their positions.”
This pattern first appeared in November last year, after the infamous October crash, which… It wiped out more than $19 billion in leveraged positions. Bitcoin was halted at $115,000 at the time, before similar events occurred during the January surge to $95,000, and the mid-May surge to $83,000.
Merlijn The Trader shared a similar opinion, claim He envisioned this bull trap rally to $65,500. He believes another move is in the works and expects “heading towards the demand block between $58.5K and $60K.”
He explained the importance of the support amounting to $63,000. If held, BTC could still see some upward momentum, especially if it reclaims the aforementioned $65,500 resistance. However, a break below $63,000 will likely trigger another drop below $60,000.
On the other hand…
Another popular analyst, Gilley, outlined a somewhat contradictory scenario. He noted that BTC’s recent move represented a “huge win for the bulls,” as the asset regained “the previous range lows.” He warned that Bitcoin tends to move slowly during the summer and investors should be careful not to become too bullish during less than ideal market conditions.
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However, Gilley added that this is a “good start” for Bitcoin, but a deeper move north would require breaking several key levels before “things really change for the better.”
Big win for the bulls, $ Bitcoin Recovered the lows of the previous range!
A good start, but there are still a lot of levels to break before things really change for the better.
It’s still summer. It tends to be slow – I will deal with the market accordingly. DCA, no more. pic.twitter.com/XrpNvb3uoE
– Jelle (@CryptoJelleNL) July 16, 2026
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