Bitcoin Smashes Through $66k Barrier as Risk Appetite Rebounds

Bitcoin's price surged past $66,000 on July 22, marking its highest level in over a month. The cryptocurrency rose 1.5% to reach a high of $66,890 in just one day.

The recent rally is attributed to a recovery in global market risk appetite, which has attracted capital back into the crypto market. This trend was further supported by US spot Bitcoin ETFs recording net inflows for six consecutive trading days.

According to Coinglass data, these ETFs saw a net inflow of $226 million on July 20, reaching a new high in nearly half a month. From a technical analysis perspective, Bitcoin's price has broken out of its downward channel, signaling a reversal of the downtrend and paving the way for further rebound.

However, it is possible that the price might retest the $65,000 level before launching a new offensive, with the potential to challenge the $70,000 mark this week.