Bitcoin Price Hits $65k Resistance Amid $265M Spot ETF Outflows
Bitcoin's price has hit strong resistance at $65,000, while spot Bitcoin ETFs have seen renewed outflows of $265 million on July 31. BlackRock's iShares Bitcoin Trust (IBIT) led the way with $122.66 million in outflows, equivalent to approximately 1,948 BTC.
The price action has been accompanied by an 'overshoot' pattern on the BTC price chart, according to crypto analyst Ardi. This technical setup can trap bullish traders before a broader downtrend resumes, as it often appears in existing downtrends and can convince traders of a trend reversal.
Glassnode noted that Bitcoin's spot trading volume has fallen to its lowest level since 2019, indicating subdued market activity with institutional demand remaining weak. Analyst Ali Martinez also pointed out a sell signal just before August, a month historically associated with BTC pullbacks.