Bitcoin Fights to Break Above $65,500 as Kalshi Traders See 54% Chance of $67,500 by August

Bitcoin's price is hovering around $64,953 as it enters a typically weak month for the cryptocurrency market. According to Kalshi traders, there's a 54% chance of Bitcoin breaking above $67,500 by the end of August.

The current price of BTC is struggling to surpass the $65,500 level, and more importantly, it's trading below the short-term holder realized price of approximately $67,523. This creates a problem for the recovery as investors who bought Bitcoin recently may look to sell when the price returns to their average cost.

Kalshi traders are showing some hope for a Bitcoin recovery in August, with a 54% chance of moving above $67,500 by the end of the month. However, the chances become lower as the price target rises: 31% for reaching $70,000 and only 13% for moving above $72,500.

Despite the uncertainty surrounding Bitcoin's future, August has historically been a weak month for the cryptocurrency. However, some positive news comes from Bitcoin ETFs, which recorded their second-best weekly inflow of the year this week, with around 11,792 BTC worth approximately $754 million flowing into ETF wallets.