Bitcoin (CRYPTO: BTC) hit $65,000 on Wednesday, even as crypto social volume dropped to its second lowest daily level since October 2024.
Why Is Dead Social Volume Actually A Bullish Signal?
Santiment flagged the social silence as a contrarian indicator. Crypto chatter across X, Reddit, and Telegram has nearly hit a two-year low, arriving right as Bitcoin pushes into the mid-$60,000 range.
“Disinterest is one of crypto’s most underrated forms of FUD,” Santiment wrote. “When people stop arguing, posting, and chasing every candle, markets can become easier for large buyers to move because fewer retail traders are actively crowding the trade,”
Santiment pointed out that some of crypto’s strongest rebounds have formed during periods of low retail attention, when whales had room to accumulate before the crowd noticed the move had already started.
What Pushed Bitcoin Above $65,000?
Federal Reserve Bank of New York President John Williams said Wednesday that inflation has peaked and should edge down in coming quarters, projecting overall inflation to decline to around 3.25% by year-end before reaching the Fed’s 2% target in 2028.
Combined with soft PPI data released the same morning, the remarks pushed Bitcoin above $65,000 for the first time in several weeks.
Meanwhile, Bitcoin ETFs pulled in $181 million on Tuesday after shedding $425 million the day prior, with BlackRock’s IBIT (NASDAQ:IBIT) accounting for $139 million of the inflow and Fidelity’s (NASDAQ:FBTC) adding $21 million.
No Bitcoin fund recorded outflows. Total Bitcoin ETF assets climbed back to roughly $78 billion from $75 billion.
Ethereum (CRYPTO: ETH) ETFs added $58 million, entirely through BlackRock’s (NASDAQ:ETHA), pushing total Ether ETF assets above $10 billion.
Where Does Bitcoin Stand Technically?
Bitcoin’s longer-term trend structure stays heavy. The 20-day SMA at $62,288 sits below the 50-day at $64,121, and the 50-day sits below the 200-day at $73,520, keeping the death cross in place since November 2025.
MACD sits above its signal line with a positive histogram, pointing to easing downside pressure even as the broader trend stays bearish.
Traders are watching whether Bitcoin can hold above the 20-day EMA at $63,292 and then challenge the 50-day EMA at $65,115 as the first confirmation that the bounce has legs.
Key levels for Bitcoin:
- $63,292 — 20-day EMA, immediate support to hold
- $65,115 — 50-day EMA, first resistance above
- $70,599 — 100-day SMA where longer-term selling pressure sits
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