Bitcoin Stuck in Range as Oil Prices Rise
Bitcoin's price has been stuck in a tight range for almost three weeks, unable to break out of the $63,000-$66,000 region or fall below the low $60s. The token traded at $64,366 on July 26, with $64,409 as resistance and $64,253 as support.
The reluctance to move in either direction is evident, with two seemingly incompatible factors impacting Bitcoin: the Federal Reserve's decision not to cut interest rates and the war in the Middle East pushing oil prices towards $100 per barrel. However, every time Bitcoin's value drops, there is an ETF sector that grudgingly reinvests funds into the cryptocurrency.
According to data, the net weekly total for spot Bitcoin ETFs was a respectable $33 million, but this is a marked decline from $75 million the week before and a drop in the bucket compared to recent inflows. The US spot Bitcoin ETF complex has seen net outflows of about $5.4 billion so far in 2026.