BTC Breaks Above $65,000 as ETF Inflows Spark Moderate Rally

The past week's Bitcoin price action was marked by a nervous start, with BTC dropping towards $63,500. However, it held above its 30-day moving average and slowly climbed over several days, briefly touching $67,000 on the 22nd. This triggered over $400 million in liquidations, mainly affecting leverage-heavy longs.

The second half of the week turned choppy, with price pulling back from above $66,000 to consolidate around $65,500. Despite this, BTC still rose by just over 3% for the full week, a relatively moderate gain after weeks of decline.

One notable development was the U.S. spot Bitcoin ETFs finally ending eight straight weeks of net outflows. Over five consecutive days, net inflows exceeded $700 million, led by BlackRock's IBIT. However, it's essential to note that this isn't institutional money flooding in yet; rather, selling pressure has paused.

The on-chain data shows whale addresses accumulating over the past two months while mid-sized wallets have been selling at higher levels. This structure isn't bad for the medium term but lacks a catalyst to spark a major rally. Derivatives signals are also positive, with the put/call ratio dropping to its lowest level this year.

Macro factors remain unchanged, and next week's Fed meeting is crucial in determining the next direction for BTC. Technically, we're in a consolidation phase, with $67,000 as immediate resistance and support levels at $65,000 and $63,000.