Bitcoin Morning Brief — July 21, 2026
BTC/USD trades at $65,935 this Tuesday morning, holding onto recent gains as short-term market participants return to profitability alongside a broader resurgence in risk appetite. The technical recovery has been supported by a second consecutive week of net positive spot BTC ETF inflows together with cooling inflation data. However, underlying market metrics reveal a clear divergence between derivative-driven momentum and structural spot accumulation.
Corporate adoption: Strategy disclosed yesterday that it sold 2,732,318 shares of its Class A common stock to raise $225 million in cash, expanding its USD reserve to $3.2 billion while keeping its Bitcoin holdings unchanged. Meanwhile, Vivek Ramaswamy’s Strive Asset Management expanded its balance sheet with an additional 21 BTC.
On-chain data: According to CryptoQuant, while derivatives activity continues to push the technical rebound, the absence of aggressive spot buying leaves the market vulnerable to potential long liquidations if momentum slows. Santiment data shows that the 30-day MVRV ratio has crossed back into positive territory, indicating that average short-term holders have exited loss territory, which historically elevates the likelihood of tactical profit-taking. Despite these near-term friction points, structural conviction among major players remains at record levels. Long-term holders are accumulating Bitcoin at their fastest rate in history, with whale addresses absorbing 66,700 BTC over the past 60 days against 77,800 BTC sold by mid-sized holders.
Market Overview: The immediate path of least resistance leans toward a constructive, albeit sensitive, upward bias as long-term accumulation offsets derivative exposure. Continuation buyers are focused on securing a daily close above immediate technical resistance at 67,200, which would clear the runway for a test of the major macro ceiling at 69,000. Conversely, if short-term profit-taking accelerates, initial tactical support is expected around 64,500, with a deeper structural cushion established at 62,800.