Bitcoin failed to hold above $65,500 three times — and today brings a $30B options expiry

Over the past 24 hours, Bitcoin tried to hold above $65,500 three separate times — and failed each time. It first jumped on news of easing US-Iran tensions, then reclaimed the level again at 2:15 a.m. ET before another sell-off, and a third attempt ended in a sharp drop to $64,336. Coinglass data puts total liquidations over that stretch at $75 million — $45 million in shorts and $30 million in longs, Bitcoin.com News reports.

Overnight, price made one more attempt — running from $65,020 to $65,800 — but buyers again ran out of steam, and Bitcoin slid back toward $64,375-$64,540. Futures are now trading near $64,565, InvestingLive notes. Key levels for today's session: resistance at $65,800 and then $66,075 (acceptance above would be a stronger bullish signal), support at $64,910 (the threshold for a repair narrative), $64,350 (a break below confirms a deeper correction), and $63,925 — last month's main high-volume support zone.

• Point of Control (the highest-volume trading zone) sits at $64,000
• Value Area High, where 70% of volume traded, is $65,850
• Bitcoin already reached $67,095 on July 21 but couldn't hold there
• Spot Bitcoin ETF inflows for July remain the lowest on record

Today's main catalyst is a large monthly options expiry on Deribit: futures open interest has climbed to roughly $32 billion, and options open interest is up 7.7% to $30.1 billion, concentrated around the $66,000 strike. That combination of rising open interest and positive funding rates, alongside weak spot demand, sluggish ETF inflows, and declining stablecoin flows, is a classic setup for a sharp liquidation-driven move in either direction.

External factors are adding pressure too: disagreement over the final text of the CLARITY Act, and Strategy's decision to sit on $544.5 million in cash instead of expanding its Bitcoin position. We already covered why this week's Fed meeting was such a key fork in the road for Bitcoin — today's options expiry lands on that same uncertain backdrop.

This article is for informational purposes only and does not constitute investment advice.