Bitcoin Price Faces Sharp Move After $65,700 Rejects Bulls Again

Key Insights

• Bitcoin price faced two rejections near the $65,700 resistance zone.
• A confirmed breakout could expose the next resistance near $67,200.
• Derivatives data showed balanced positioning before the Federal Reserve decision.

Bitcoin traded near $64,300 on July 31 after sellers rejected another approach toward $65,700. The Bitcoin price remained inside a narrowing four-hour range as traders assessed the Federal Reserve’s hawkish policy signal.

The setup mattered because Bitcoin lacked a clear derivatives or on-chain imbalance before the policy decision. That positioning left the market exposed to rapid repricing without confirming a broader directional break.

Bitcoin Price Holds Near $64,000 After Rejection

TradingView’s Bitstamp chart showed Bitcoin near $64,282 at 1:32 a.m. UTC on July 31. The session produced a $64,367 high and a $64,170 low before price stabilized.

The chart also showed two failed attempts near the upper resistance area within one week. Sellers defended the descending trendline while buyers protected the broader range floor.

That Martini Guy identified $65,700 as the main level buyers had failed to reclaim. He said a successful support flip could create room for $67,200.

The trader also placed immediate support near $64,000. Holding that area preserved the current range, while losing it could expose lower technical levels.

TradingView’s four-hour pattern detector labeled the structure a double top. The tool assigned an 80% risk-to-reward quality score and a bearish pattern bias.

However, automated pattern readings do not confirm future direction. They describe the current structure and depend on subsequent price confirmation.

Bitcoin Price Structure Keeps Sellers Near Resistance

The price of bitcoin remained below a descending resistance line drawn from the July 21 peak. That line crossed near the $65,000 region during early Friday trading.

A second descending boundary connected lower swing lows around $64,000 and $62,300. Together, both lines formed a broad downward channel.

The chart placed intermediate support around $63,500. A deeper extension appeared near $62,000, matching the lower range identified in derivatives research.

Bitcoin also traded below several Fibonacci retracement zones between roughly $64,700 and $66,300. Those overlapping levels increased overhead resistance without proving further losses.

The current structure, therefore, favored confirmation over prediction. A four-hour close above the trendline would weaken the immediate bearish setup.

Conversely, sustained trading below $64,000 would shift attention toward $63,500. A break there could open another test between $62,000 and $63,000.

Derivatives Data Shows Neutral BTC Crypto Positioning

CryptoQuant contributor XWIN Japan said Bitcoin’s taker buy-sell ratio stayed near 1.0 before the Federal Open Market Committee decision. That reading showed aggressive buyers and sellers remained closely balanced.

The research also found only a mild short bias in perpetual futures. Bears repeatedly failed to force BTC crypto below the $62,000–$63,000 support area.

Funding rates remained positive, suggesting long demand had not disappeared. However, positive funding increased liquidation risk if leveraged positions became overcrowded.

XWIN Japan also reported relatively low exchange inflows. The data showed no broad rush among holders to transfer coins for immediate selling.

Those indicators supported a neutral pre-meeting market rather than strong bearish positioning. The later volatility reflected repricing after the Federal Reserve’s message.

CryptoQuant separately reported that Binance Bitcoin funding rates had returned to positive territory by July 29. The shift followed several months of near or below zero.

Positive funding means long traders generally pay short traders in perpetual markets. Persistent readings can signal optimism but also increase downside liquidation exposure.

Bitcoin Price Faces Fed Policy Catalyst

The Federal Open Market Committee kept its target range at 3.50%–3.75% on July 29. The official statement recorded a 9–3 vote for holding rates steady.

Beth Hammack, Neel Kashkari and Lorie Logan preferred a 25-basis-point increase. Their dissents strengthened the market’s interpretation of a hawkish hold.

The committee said economic activity continued expanding at a solid pace. It also said inflation remained elevated and reaffirmed its 2% objective.

Federal Reserve communication therefore, remained a direct catalyst for risk assets. Higher expected rates can pressure speculative markets by raising financing costs and supporting bond yields.

CME Group’s FedWatch tool derives policy probabilities from 30-day federal funds futures. Traders will use those contracts to reassess September expectations as new inflation data arrives.

Bitcoin’s next verifiable test remains the $64,000 support and $65,700 resistance range. A confirmed break could direct the next move toward $62,000 or $67,200.

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