Bitcoin Price Stalls as Spot Market Demand Cools Off

Bitcoin is seeing a bit of a breather after a solid run over the past few weeks. The leading cryptocurrency drifted between $65,300 and $66,360 over the last day, sitting in the mid $65,000 range as of the morning of July 23, 2026.

Ki Young Ju, the founder of Cryptoquant, pointed out a clear shift in market behavior. He noted that while futures traders are keeping their positions steady, demand on the spot market has started to fade. This gap often suggests that immediate buying pressure from investors is slowing down even if speculators remain active.

This pause is natural after the recent rebound, but traders are now watching closely to see if the spot market can pick up momentum again. For now, the market is in a consolidation phase, and the next few days will be important to see if support levels hold firm at this current price range.