<h3 id="h-key-insights" class="wp-block-heading"><strong>Key Insights:</strong></h3>
<ul>
 <li>Bitcoin (BTC) price enters its second day of retreat after a sustained uptrend so far this month.</li>
 <li>Rising oil prices underscore escalating macro concerns that could influence investor sentiment.</li>
 <li>Institutional flows could limit the downside if one particular thing happens.</li>
</ul>
<p>Bitcoin price has maintained an overall uptrend so far this month. There have been a few pullbacks here and there, and the latest one threatens to subdue the bulls even more.</p>
<p>Bitcoin price pushed close to $67,000 on Tuesday as bullish momentum prevailed. This gave rise to confidence that the king of the cryptocurrencies could <a href="https://www.thecoinrepublic.com/2026/07/19/bitcoin-price-prediction-eyes-68k-but-70k-blocks-reversal/" rel="noopener noreferrer nofollow">potentially push above $70,000</a> for the first time since early June.</p>
<p>However, the Bitcoin price chart has retreated into the red for the second consecutive day after achieving a monthly high on Tuesday. For context, BTC price exchanged hands at $64,868 at press time after a 3% pullback from its recent local highs.</p>
<p>Notably, the targets and analysis are based on technical indicators and on-chain data, and the article is not financial advice. Investors should exercise due diligence or seek assistance from a financial expert, as the crypto market often shows highly volatile trading.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img width="975" height="581" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/07/image-373.png" alt="Bitcoin (BTC) Price Action | Source: TradingView">
  <figcaption>
   Bitcoin (BTC) Price Action | Source: TradingView
  </figcaption>
 </figure>
</div>
<p>Interestingly, the retracement occurred after the Bitcoin crypto retested its mid-June resistance level. While such pullbacks are a normal occurrence and could follow up with sustained bullish momentum, there was elevated risk of more downside.</p>
<h2 id="h-macro-outlook-underscores-more-potential-bitcoin-price-downside" class="wp-block-heading"><strong>Macro Outlook Underscores More Potential Bitcoin Price Downside</strong></h2>
<p>Bitcoin price has been heavily influenced by <a href="https://www.thecoinrepublic.com/2026/07/20/bitcoin-price-faces-macro-shifts-as-whales-make-massive-purchase/" rel="noopener noreferrer nofollow">key macro factors</a> over the last 12 months. Energy prices are among the most notable indicators that analysts have been using to establish the market’s direction.</p>
<p>Brent crude oil prices just crossed $100 per barrel after surging by 42% since the start of July, <a href="https://in.investing.com/commodities/brent-oil" rel="noopener noreferrer nofollow">according to Investing data</a>. At first glance, rising oil prices may not necessarily signal a correlation with Bitcoin price action. However, this outcome could be a precursor to higher inflation, to which the FED may respond with elevated interest rates.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img width="975" height="581" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/07/image-372.png" alt="Spot Brent Crude Oil Prices | Source: TradingView">
  <figcaption>
   Spot Brent Crude Oil Prices | Source: TradingView
  </figcaption>
 </figure>
</div>
<p>Rising oil prices could potentially trigger another wave of investor panic. Such an outcome could trigger liquidity outflows from risk-on assets such as Bitcoin and stocks.</p>
<p>Interestingly, investors use the bond market as a yardstick when such market dynamics are at play. Bond yields tend to rise when inflation risk concerns start to grip the market.</p>
<p>The two-year US government bond yield just pushed to a new 16-month high in the last 24 hours, retesting levels last seen in February 2025.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img width="975" height="581" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/07/image-371.png" alt="Two-year US government Bond Yield | Source: TradingView">
  <figcaption>
   Two-year US government Bond Yield | Source: TradingView
  </figcaption>
 </figure>
</div>
<p>The two-year government bond yield is also within a key resistance level. A break above this key level could signal a strong flight to safety. Such an outcome could trigger more downside for Bitcoin.</p>
<p>The 10-year US government bond yield has also been pushing higher, which has fueled market concerns.</p>
<h2 id="h-will-the-bulls-push-through-these-concerns" class="wp-block-heading"><strong>Will The Bulls Push Through These Concerns?</strong></h2>
<p>The rising bond yields and energy prices may point towards erosion of some of the recent gains. However, there are some scenarios which could underscore more upside for Bitcoin and altcoins.</p>
<p>For example, BTC price still bounced back between March and June this year. Brent crude prices also rallied during that time. This was around the same time that the US-Iran tensions cooled off, but the Strait of Hormuz closure still affected global oil supplies.</p>
<p>Other factors were at play, such as accumulation, especially from institutions. Recent data show that institutions have been buying Bitcoin, especially over the last two weeks.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img width="821" height="478" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/07/image-370.png" alt="Bitcoin ETF Fund Flow Data | Source: Lookonchain">
  <figcaption>
   Bitcoin ETF Fund Flow Data | Source: Lookonchain
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2026/07/23/bitcoin-etf-inflows-hit-930m-as-btc-price-tops-65k/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> have so far acquired over 10,000 BTC over the last seven days, <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow">Farside Investors data showed</a>. However, while these flows remained positive, they have been dwindling, reflecting rising uncertainty. The <a href="https://coinmarketcap.com/charts/fear-and-greed-index/" rel="noopener noreferrer nofollow">crypto market fear and greed index</a> slid from 33 points to 31 points in the last 24 hours.</p>
<p>Bitcoin price may avoid more downside if whale and institutional flows remain positive. Moreover, a favorable CLARITY Act outcome may boost investor confidence. Otherwise, capitulation from these two important holder categories could send BTC price on another downward spiral, possibly below $60,000.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2026/07/23/bitcoin-price-slides-below-65000-level-as-macro-short-term-risks-weigh-in/" rel="noopener noreferrer nofollow">Bitcoin Price Slides Below $65,000 Level As Macro Short Term Risks Weigh In</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Bitcoin Price Slides Below $65,000 Level As Macro Short Term Risks Weigh In

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