Bitcoin Fails to Break Above $65,000 Amid Weak Demand and Rising Yields
Bitcoin's recent price action has been marked by a lack of sustained momentum, as it continues to trade within a narrow range. The cryptocurrency briefly approached $65,000 on August 18 but failed to hold above that level, causing the price to pull back to around $64,300.
The Bollinger Bands on the daily chart show resistance at $65,350 and support near $63,900, with a broader support zone between $62,400 and $62,700. The Chaikin Money Flow is slightly negative, indicating that capital flows remain weak.
Analyst Gerla interpreted the decline in spot volume as possible seller exhaustion rather than an immediate bearish signal. However, lower volume means that the recovery has received limited confirmation from buyers.
The Federal Reserve's July meeting minutes are expected to provide more information on how officials view inflation and the path of interest rates, which could impact Bitcoin's price action.