How a wall of 1.79 million Bitcoin is quietly choking every attempt to break above $65,000
Bitcoin traders are rebuilding bullish bets toward $70,000 while still hedging heavily against a drop to $60,000, showing a cautious stance despite softer U.S. inflation data. July CPI rose 0.1% month over month and 3.4% year over year, with core CPI up 0.2% and 2.5%, slightly easing Fed pressure but not changing policy expectations much. Bitcoin barely moved, staying near $63,270 and stuck in a $63,000-$65,000 range. In derivatives, about $1.1 billion of call open interest sits at the $70,000 strike versus roughly $1 billion of puts at $60,000. Recent flows show traders actively buying the Sept. 25 $70,000 call. Still, downside protection remains relatively expensive, and implied volatility is low overall. Spot resistance is near $65,000, where a large share of supply sits close to break-even. Bitcoin has repeatedly failed to close above that level, making it the near-term hurdle before $70,000 bets can gain traction.
