BTC Stuck at $65K as Hedge Funds Sell Tech at Record Pace
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- Bitcoin repeatedly tested $65,000 without holding it, with trader Daan Crypto Trades noting the level has "capped price for the entirety of July so far" as BTC showed several unsuccessful breakout attempts around Monday's Wall Street open
- Hedge funds sold tech stocks in 6 of the last 8 weeks, making total 8-week sales the largest in at least 10 years, according to Goldman Sachs data cited by The Kobeissi Letter on X
- Daan Crypto Trades identified just above $67,000 as the next likely upside target where BTC/USD would "break into a bullish market structure," citing higher lows being made over the past 3 weeks
- Michael van de Poppe set a BTC target of $67,500 to $69,000 for the "coming weeks" and earlier projected August could revisit $80,000, a level last seen in mid-May
- Oil prices stayed above $80 per barrel as the Strait of Hormuz appeared set to remain closed amid intensifying rhetoric between the US and Iran
- The Dow Jones was down 0.3% while the S&P 500 and Nasdaq Composite were modestly higher at the time of writing, as global risk appetite remained pressured
- Trump posted on Truth Social over the weekend calling for Iran to be included in a sanctions package initially focused on Russia
Why it matters: BTC bulls have watched $65,000 cap prices for all of July, but multiple analysts now flag $67K-$69K as the breakout trigger, with Van de Poppe projecting August could revisit the $80,000 level. The underappreciated risk is the macro backdrop: Goldman Sachs-cited data shows hedge funds dumping tech at the fastest 8-week pace in a decade, a structural exit that weighs on overall risk appetite far beyond crypto.
