Bitcoin Defies Odds with Resilient Price Amid Ongoing Market Turmoil

This week has been marked by multiple market shocks that should have taken a toll on Bitcoin's price, but instead it bounced back to $65,000. Oil crossed the $100-a-barrel mark due to the Red Sea conflict, and tech stocks Alphabet and Tesla experienced massive selloffs after their earnings release.

The US also implemented new tariffs on 60 trading partners, including China, India, and the EU. The CLARITY Act's passage in the Senate remains uncertain, with a record low prediction market odds for 2026 passage at 32%. Despite these headwinds, Bitcoin has been propped up by consecutive days of net inflows into US spot Bitcoin ETFs.

The ETF streak, led by BlackRock's IBIT, has pulled in $981.2 million since July 14, the longest such streak in nine months. This consistency appears to be the key factor keeping Bitcoin above water, as its price touched as high as $66,300 during this run.