Bitcoin Price Holds Key Support Level Amid ETF Outflows and Whale Activity
Bitcoin's price remains near the key support level of $63,000 as it struggles to break above $65,000. The cryptocurrency has failed to gain momentum and is currently trading at around $63,600.
The recent ETF outflows have added pressure on Bitcoin's price, with U.S. spot Bitcoin ETFs posting about $131 million in net outflows on August 13. ARK Invest and 21Shares' ARKB led the selling with $58.82 million in net outflows.
A large supply area sits between roughly $62,000 and $65,000, making it a difficult zone for buyers to clear. Short-term holders also face resistance near $68,700, according to market data provided.
The whale activity is another layer of risk as 0x66f8 closed a 2,136 BTC short position worth about $136 million and reportedly made around $1.65 million in profit before opening a 40x long position using 200.82 BTC, valued at about $12.74 million.
The market is currently compressed between support and resistance, with the next decisive move likely to matter more than small intraday swings.