Bitcoin Price Retreats to $64,390 as Market Remains Compressed

Bitcoin's price retreated to around $64,390 on Wednesday afternoon in Asia after failing to hold above $65,000. The pullback came after a brief rebound from the $62,700 area earlier in the week.

The asset moved through $64,000 and approached $65,000 on August 18 but couldn't attract enough buying pressure to clear its recent range.

Analyst Lennaert Snyder said Bitcoin had been rejected again at the high of its compression range, with $65,400 serving as a key level. He noted that if the price loses the $64,000 previous-day low, it could send the asset back toward the lower boundary of the range.

Snyder is maintaining a short position opened near $65,000 but plans to move it to breakeven if possible, with his downside scenario depending on Bitcoin losing $64,000.