Bitcoin Struggles to Break Past $65,000 as Tech Stocks Face Heavy Selling

Bitcoin made several attempts to break through and hold above $65,000 on Monday but failed each time, as broader pressure on crypto and other risk assets weighed on price action. Data from TradingView showed volatility picking up around the Wall Street open.

Tech Stocks Facing Record Selling Pressure

US stocks started the week under strain from two directions: the ongoing US-Iran war dampening investor appetite for risk, and an intensifying sell-off in tech shares. Trading resource The Kobeissi Letter reported that hedge funds have been dumping technology stocks at a record pace, citing Goldman Sachs data showing hedge funds sold information technology stocks in six of the past eight weeks, marking the largest eight-week selling stretch in at least a decade.

Despite this, the S&P 500 and Nasdaq Composite were both modestly higher at the time of reporting, while the Dow Jones slipped 0.3%. Oil prices stayed above $80 per barrel as the Strait of Hormuz remained effectively closed amid rising tensions between the US and Iran.

Over the weekend, President Trump called for Iran to be added to a sanctions package originally aimed at Russia.

Traders Eye $65K as a Turning Point

Bitcoin has struggled to clear the $65,000 level throughout July, the longer price stays pinned near that mark, the more likely it eventually breaks higher, pointing to a pattern of higher lows forming over the past three weeks. Many traders see $67,000 as the next key target, a level some believe would confirm a shift into a more bullish market structure.