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$BTC Bitcoin has returned to $66,500: three factors supporting the rebound.

On Tuesday, Bitcoin rose to around $66,500, showing gains of about 1% over the day and roughly 5% over the week. The main catalyst was a reversal in sentiment across risk markets: the semiconductor sector, which had pressured crypto last week, began to recover, restoring investors’ appetite for risk assets.

Last week, the slide in shares of technology companies and chipmakers was one of the main factors weighing on Bitcoin. The slump in Asia’s technology sector intensified concerns around assets tied to the development of artificial intelligence, and crypto, along with them, lost part of its positions. Now that same channel is working in the opposite direction: the rebound in chip stocks helped Bitcoin move back above.

Additional support for the market comes from spot Bitcoin ETFs. Over five trading days, inflows exceeded $600 million, marking the strongest streak of institutional buying since mid-July. This indicates a return of interest from large investors after a prolonged period of outflows.

Key factors currently supporting Bitcoin:

•Recovery in the tech sector. The return of optimism around chip stocks reduced pressure on crypto due to its correlation with risk assets.
•ETF inflows. Institutional buyers continue to accumulate Bitcoin despite macroeconomic uncertainty.
•Lower geopolitical tension. Weakness in oil prices amid reports of diplomatic contacts regarding Iran partially reduces fears about inflation.

At the same time, Bitcoin’s current rise cannot yet be described as a full-fledged breakout. Spot trading volumes remain relatively restrained, meaning the upward move is explained more by reduced selling than by aggressive inflows of new capital. For a more sustainable market rally, strong buying volumes are needed as confirmation.

The next near-term major test for Bitcoin will be the FOMC meeting on July 28–29. Investors expect signals from the Federal Reserve regarding the future interest-rate policy. A more “dovish” tone could support crypto, while hawkish signals may again intensify pressure.

Technically, Bitcoin is now approaching an important resistance area near $67,250 — the high from June 15. Holding above this level could signal continued recovery. The next target for some traders remains the zone around $72,000, but such a move would require favorable macro conditions.

So far, Bitcoin is in a constructive position: support from ETFs, improving sentiment in technology markets, and a reduction in some risk are creating a base for further recovery. However, the main risks remain — decisions by the Fed, the dynamics of bond yields, and the stability of the global risk appetite could determine the next major move for BTC.

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