Bitcoin Holds Near $64K as Miners Face Daily Losses Amid ETF Demand
The Bitcoin price has held near $64,745 despite some miners facing daily losses. According to WuBlockchain Data Center, 22.7% of tracked mining rigs posted negative daily net returns on August 6.
Analyst Ali Martinez says several monthly indicators now resemble conditions seen around previous major market bottoms. These include the TD Sequential, 50-month SMA, and CMO signals associated with past macro bottoms.
The Bitcoin price is also near its 50-month simple moving average, a level that has aligned with several major market bottoms since 2014. The Chande Momentum Oscillator has fallen to about minus 71, last reaching this area in June when the price of Bitcoin dropped toward $57,000.
Solid demand for spot Bitcoin ETFs continues, with $754 million drawn in during the first week of August without recording any outflow. However, options traders are increasing downside protection, with put options making up 53.8% of Bitcoin options volume in the previous 24 hours.