Bitcoin Nears $64K as 32,000 BTC Hits Exchanges Amid Weak Spot Demand

Bitcoin's price rebounded to nearly $64,000 on August 3 after briefly falling to around $62,300, but the recovery has been limited by weak spot demand and short-term holder losses.

The price recovered from the lower end of its range, with a daily close above $64,000 potentially strengthening the short-term recovery. However, failure to hold above $63,183 could expose Bitcoin to another test of the $62,000 region.

A report by Glassnode showed that approximately 32,000 BTC reached exchanges at a loss within a single day, indicating defensive positioning or capitulation among short-term holders. Long-term holders have remained more resilient, with older coins not moving at the same rate as newer ones.