Bitcoin Rejects $67,000 Order Block, Faces August Sell-Off Warning
Bitcoin currently trades at $63,985 after rejecting an order block near $67,000 on July 25. According to analyst Benjamin Cowen, this move is part of a historical pattern where Bitcoin rallies in July but reverses direction in August.
Cowen pointed out that 2026's price action bears some resemblance to the 2018 market cycle, with both exhibiting lower volatility and similar midterm-year trends.
Bitcoin has been fluctuating between two key levels: bear market resistance above $67,000 and the 200-week moving average below. Every time it approaches these levels, there's a 'ping-pong' effect where prices bounce back without breaking through.
Cowen expects this pattern to repeat itself, with the rally continuing for another two to four weeks before reversing direction in August or September.
Institutional demand remains strong, however, as spot Bitcoin ETFs have seen three consecutive weeks of net inflows, totaling $33.79 million in the week ending July 24.