Bitcoin Holds Ground Near $65K Amidst Mixed Technical Trends and ETF Inflows
Bitcoin has maintained its price around $65,000 amidst mixed technical trends and subdued trading volume. The stability is attributed to weaker-than-expected U.S. jobs data, which dampened Federal Reserve rate hike expectations, and robust inflows into U.S. spot Bitcoin ETFs.
The recent price resilience of Bitcoin near the $65,000 mark has been underpinned by two main fundamental factors. First, on August 8, 2026, U.S. jobs data came in weaker than anticipated, reducing market expectations for a Federal Reserve rate hike in September. This shift in monetary policy outlook has provided relief to risk assets, including cryptocurrencies, allowing Bitcoin to recover and briefly surpass $65,000.
Second, inflows into U.S. spot Bitcoin ETFs have surged, with combined net inflows reaching approximately $853 million between August 3 and August 7, 2026. This marks the strongest weekly inflow period for these products since mid-April. BlackRock's IBIT fund was the standout, accounting for $479 million of a $626 million three-day inflow haul from August 3 to August 5.
Despite these fundamental factors supporting Bitcoin's price, technical indicators suggest potential near-term price exhaustion. The spot price at $65,020 sits just above the 20-day simple moving average (SMA20) of $64,406 and the 50-day SMA of $63,284, but well below the 200-day SMA at $70,353.
A bearish head and shoulders formation on the three-day timeframe, coupled with declining buying volume since early March, points to potential exhaustion. Historically, August has been Bitcoin's weakest month, with median losses around 7%. This sets up a scenario where a breakdown of up to 25% could occur if selling pressure intensifies.
A controversial network fork related to BIP-110 and recent security incidents inject uncertainty into the market. On August 8, Bitcoin reached block 961,632, triggering the mandatory signaling period for BIP-110. The Bitcoin network experienced a fork related to BIP-110 on August 9, with supporting nodes rejecting some blocks, causing the mainnet to be 18 blocks ahead of the fork chain.
Large Bitcoin holders remain active buyers, with whale addresses holding between 1,000 and 10,000 BTC adding over 20,000 coins since late July. This accumulation suggests confidence among major players in Bitcoin's medium-term prospects.