Bitcoin Rebounds to $65,590 After 13 Percent Gain

Bitcoin has recovered from its July 1 dip, reaching $65,590 on July 27. The cryptocurrency's price had slipped below $64,590 earlier in the day but regained some gains to trade near $65,317.

The recovery is attributed to a gain of nearly 14 percent since July 1, when Bitcoin's price was at $57,754. However, it remains below levels seen just 4-6 days earlier.

Vikram Subburaj, CEO of Giottus, notes that the rally initially had meaningful support from US spot Bitcoin ETFs but weakened as they lost significant funds between July 23 and 24. This explains why Bitcoin has struggled to convert its 13 percent rebound into a decisive breakout.