Bitcoin’s $66,000 price breakout survives continued US-Iran escalation, but a bigger test looms
Bitcoin rose above $66,000, reaching its highest level in over a month as spot ETF inflows and large withdrawals from major exchanges reduced near-term selling pressure. US Bitcoin ETFs logged five straight sessions of net inflows, totaling about $727 million, while roughly $686 million of BTC left Binance, Bybit, Coinbase, and HTX in one day. The rally also triggered heavy liquidations, with about $260 million wiped out across 78,000 traders. Still, evidence of durable accumulation is limited. Exchange net flows remain near baseline, and stablecoin net flows are still negative, suggesting weak buying liquidity. Short-term holders are back in profit, which could encourage profit-taking if momentum fades. Macro risk also remains: renewed Middle East conflict has raised oil-market concerns, and a sharp oil move higher could revive inflation pressures and tighten liquidity for risk assets. Bitcoin is still below a recovery zone around $72,200.
