Bitcoin faced a tough resistance level at $65,000 on Monday as traders retreated from risky assets amid a selloff in U.S. tech stocks. The BTC price has struggled to gain momentum, with the $65,000 mark repeatedly acting as a ceiling in recent weeks.
Crypto Stocks Under Pressure From Record Tech Selloff
Data from TradingView showed an increase in BTC/USD volatility around the Wall Street open. Meanwhile, U.S. stocks began the week with multiple challenges, including a sell-off in technology stocks that appeared to be strengthening and geopolitical tensions with Iran. The Kobeissi Letter, a business analysis resource, reported that hedge funds were dumping technology stocks at a rate not seen in at least a decade. According to their analysis, which cites data from Goldman Sachs, hedge funds sold information technology sector stocks in six of the last eight weeks, pushing eight-week sales to a record high.
Interestingly, the S&P 500 and Nasdaq Composite were both up slightly at the time of writing, while the Dow fell 0.3% on the day. Oil prices, meanwhile, remained above $80 per barrel as the Strait of Hormuz remained a concern with the United States and Iran exchanging heated rhetoric. Over the weekend, President Donald Trump posted a message on Truth Social calling for Iran to be included in a package of sanctions initially focused on Russia.
$65,000 is a stubborn ceiling for Bitcoin
Bitcoin price action remained stuck below $65,000, with the level failing to breach multiple times. Trader Daan Crypto Trades noted on X that this mark had capped price action throughout July. He suggested that the next upside target is just above $67,000, which he described as the point where BTC/USD would enter a bullish market structure.
Some analysts have pointed to seasonality as a factor. Summer is typically a slow time for cryptocurrencies, with few major movements. Crypto trader and analyst Michael van de Poppe told his nearly 819,000 followers on X that markets felt like they were on summer vacation. He gave a BTC price target of between $67,500 and $69,000 for the coming weeks, with the possibility of reaching $80,000 by August, a level last seen in mid-May.
For now, the market remains cautious. Although some see potential for a breakout, the combination of institutional selling, geopolitical risks and seasonality appears to be controlling Bitcoin’s rise. It remains uncertain whether $65,000 will break above in the near future, but it appears the market is waiting for a clearer direction.
