Bitcoin Defies Odds, Holds Above $65K Amid Oil Price Surge and Tech Sell-Off

Despite a trifecta of negative market forces, oil reaching $100 per barrel, a $500 billion tech selloff led by Alphabet and Tesla, and new US tariffs taking effect on 60 trading partners, Bitcoin's price held steady above $65,000.

The resilience can be attributed to the streak of consecutive days of net inflows into US spot Bitcoin ETFs, which has pulled in a total of $981.2 million since July 14. This influx of capital has helped maintain BTC's price at levels seen earlier this month.

However, not everyone is convinced that the current recovery will be sustained. Grayscale has cautioned that the broader bear market could persist into September or October under its four-year cycle framework.