Bitcoin Exchange Supply Rebounds as Price Struggles Below Key Resistance

Bitcoin exchange supply has rebounded by approximately 28,000 BTC as of August 16, reversing about 84% of its recent decline. The recovery took less than three weeks, compared to six weeks for the earlier drop.

This leaves exchange supply around 5,200 BTC below its June peak. Meanwhile, Bitcoin has underperformed the S&P 500 on roughly two-thirds of trading days over the past three months, marking the longest such streak in six years.

Analyst Darkfost notes that Bitcoin is now within $1,000 of testing the $64,900 cost basis for short-term holders with one million to three million days of age. This level acts as significant resistance, with $65,000 identified as key breakout zone.