Bitcoin was reported at $66,663 on July 22, rising from a low of $65,149 during the day to $66,965, but it failed to hold the $67,000 resistance level. The United States carried out airstrikes against Iran for the tenth consecutive day, and Trump on Tuesday warned that the U.S. military would strike Iran’s “Pickaxe Mountain” underground facilities. WTI crude rose about 2.6% to $84.70 per barrel. Concerns about inflation driven by higher oil prices limited Bitcoin’s upside.
Trump Warns of Strikes on “Pickaxe Mountain” Underground Facilities, WTI Rises to $84.70
The United States has launched airstrikes targeting Iran for a tenth consecutive day; Trump said Tuesday (July 21), during a meeting at the White House with the President of Lebanon, that the U.S. military would hit Iran’s “Pickaxe Mountain” underground facilities: “We will most likely hit that area soon... We have always been very restrained,” and he emphasized that “America is far from finished with this war.” Israeli officials provided intelligence saying Iran has moved several thousand centrifuges to the facility; Trump said, “We have not officially recorded” whether nuclear materials are stored there.
On oil, Reuters reported that a tanker was damaged near the Strait of Hormuz, and Saudi crude shipments were disrupted by threats from the Houthis. WTI crude climbed about 2.6% to $84.70 per barrel, the highest level since June 12. Rising energy costs may lift July inflation and reduce the room in which the FED can support financial markets. The U.S. dollar strengthened as a result, weighing on speculative assets such as BTC.
In liquidations, key data over the past 24 hours are as follows:
Total crypto positions liquidated: about $223 million
Short positions liquidated (forced buys): about $181 million, mainly accelerating BTC’s move from breaking above $65,000 to $66,000
Abnormal position closures: trader Daan Crypto Trades reported that more than $100 million worth of positions appeared to be closed at market price, wiping out over $250 million in BTC open interest within one minute. BTC briefly fell to around $65,900 before recovering most of the losses.
BTC Daily Performance: Rally from the $65,149 Low to $66,965
Based on crypto.news data, on July 21 Bitcoin rose intraday from a low of $65,149 to $66,965, then was pulled back by sellers to around $66,440. The $67,000 resistance level was not broken.
Technically, BTC has broken above the Bollinger middle band ($63,839) and briefly broke above the upper band (about $66,100), but it met resistance around $66,965. The ADX reading is 23.08, below the 25 threshold, meaning the daily trend has not yet formed enough strength. On the four-hour chart, the MACD line (592.66) is above the signal line (441.46), and the Chaikin Money Flow indicator reading is 0.35, suggesting momentum is tilted toward buyers.
CoinGlass’s three-day liquidation heatmap shows the main liquidation concentration zones above BTC are around $66,800-$67,300 and around $68,000. The main concentration below is around $65,300, $64,800, and $64,200.
CLARITY Bill Progress and ETF Inflows
A breakthrough in the ethical provisions of the CLARITY Bill is the key trigger for this rally: the White House and Senate negotiation representatives reached an agreement on ethical provisions regarding elected officials and senior government officials holding or promoting crypto assets during their terms; Trump reportedly accepted the provision. Treasury Secretary Scott Bessent said negotiations had entered the “final moment,” while a senator said the bill is about to undergo a final vote. Driven by the news, Coinbase and Circle shares briefly surged by more than 10% during trading.
On the ETF funding front, SoSoValue data shows U.S. spot Bitcoin ETFs recorded about $227 million in net inflows on July 20, the fifth consecutive trading day of net inflows (the longest consecutive net inflow streak since April 2026). Analyst Ted Pilous, commenting on order flow, said, “Right now, spot Bitcoin trading is stable; it looks much better.”
FAQ
What are the main drivers behind the BTC rally on July 21?
There are three: (1) a breakthrough in the CLARITY Bill’s ethical provision, lifting Coinbase and Circle shares by over 10%; (2) SoSoValue data showing U.S. spot BTC ETFs have had a fifth straight day of net inflows, with net inflows of about $227 million on July 20; (3) about $181 million in short positions liquidated by force within 24 hours, accelerating BTC’s rise.
Why did BTC face resistance after reaching $66,965?
A larger sell-side pressure built up around $67,000. Technically, after BTC briefly broke above the Bollinger upper band, it pulled back; the ADX reading is only 23.08 (below the 25 threshold needed to confirm a trend). In addition, inflation risks from rising oil prices made traders reluctant to chase higher. CoinGlass data shows a concentrated liquidation pool around $66,800-$67,300.
What level is U.S. WTI crude oil price at right now, and how does it affect BTC?
WTI crude rose about 2.6% on July 21 to $84.70 per barrel, the highest since June 12. Higher oil prices have sparked inflation concerns, which may weaken the FED’s capacity to support the market, causing the U.S. dollar to strengthen and creating a negative impact on speculative assets like BTC.
