Bitcoin extended its longest winning streak since early May, climbing for a tenth consecutive session as the largest cryptocurrency by market capitalization surged past $65,000. The rally marks a sharp reversal from the choppy, range-bound action that characterized much of the second quarter, with bulls seizing control amid improving macro sentiment and renewed institutional appetite.
Bitcoin traded around $65,200 during Asian hours Tuesday, up roughly 15% from its mid-July lows near $56,500. The ten-day advance marks the longest daily winning streak since a similar run in early May that preceded a push toward $70,000. Momentum indicators have flipped bullish across multiple timeframes, with the relative strength index (RSI) on the daily chart breaking above 70 for the first time since June.
Spot Bitcoin ETFs in the United States have seen nine consecutive days of net inflows, according to Farside Investors data, with cumulative net additions exceeding $2.3 billion over the stretch. BlackRock’s IBIT led the charge, attracting more than $1.1 billion in fresh capital during the streak. The sustained inflows suggest institutional allocators are using the recent consolidation as an entry point rather than heading for the exits.
On-chain metrics reinforce the bullish tilt. Glassnode data shows the share of Bitcoin supply held by long-term holders — addresses inactive for 155 days or more — ticked higher last week, reversing a months-long downtrend. Meanwhile, exchange reserves continue to drift lower, a signal that coins are moving into cold storage rather than being positioned for sale.
Derivatives markets echo the optimism. Open interest on CME Bitcoin futures climbed to a three-month high above 140,000 BTC, while the annualized basis on quarterly futures widened to 12%, indicating healthy demand for leveraged long exposure without excessive speculation. Funding rates on perpetual swaps remain positive but moderate, suggesting the rally is spot-driven rather than leveraged froth.
The macro backdrop has also turned constructive. Softer-than-expected U.S. CPI data last week cemented expectations for a Federal Reserve rate cut in September, weakening the dollar and boosting risk assets broadly. Bitcoin’s correlation with the Nasdaq 100 has climbed back above 0.7, reinforcing its status as a high-beta risk asset in the current regime.
Resistance now sits at the $66,500-$67,000 zone, which capped rallies in late June and early July. A clean break could open the path toward the $70,000 psychological level and the March all-time high near $73,700. On the downside, the 20-day exponential moving average near $62,800 now serves as the first line of support.
As Cointelegraph reported, the streak marks Bitcoin’s longest daily winning run since early May, fueled by sustained ETF inflows and improving macro liquidity. With the Federal Reserve’s Jackson Hole symposium later this month looming as the next macro catalyst, traders will be watching whether the bulls can defend the 20-day EMA on any pullback.
