Bitcoin Price Slips to $65K Ahead of $1.2B Options Expiry

Bitcoin's price dropped to $65,000 after spot ETFs recorded $225 million in net outflows on July 23. This move has put pressure on BTC's price ahead of a significant options expiry worth $1.2 billion.

A major obstacle for Bitcoin is the rising oil prices, which could keep inflation elevated and reduce the Federal Reserve's room to cut interest rates. Higher energy costs also make income-producing assets more appealing, potentially drawing investors away from Bitcoin due to its lack of dividends.

According to crypto analyst Lennaert Snyder, the invalidation for the local long thesis is a price drop below $63,700. This level is crucial as it connects a series of higher lows formed since the price bottomed near $58,000 in late June.