Bitcoin Price Slumps After Second Failure at $65,000 Barrier

Bitcoin's price has taken a hit after another failed attempt to break through the $65,000 barrier. The cryptocurrency fell around 1.8% over the past 24 hours to approximately $63,950, pushing it closer to its immediate support zone.

The decline occurred during a sharp move from above $64,700, followed by relatively narrow trading between roughly $63,800 and $64,100. This latest fall has erased Bitcoin's recent attempt to recover from the $62,000 area.

Despite institutional demand providing some support, recent ETF flows have not been enough to push Bitcoin through resistance. The US spot Bitcoin exchange-traded funds recorded approximately $853.5 million in net inflows over five consecutive sessions from August 3 through August 7, but failed to hold above $65,000.

Bitcoin's daily chart shows that the $64,000 to $65,500 region has become increasingly important. The Ichimoku Cloud setup indicates that buyers are without a clean short-term trend confirmation on the daily timeframe, and a move back through the Tenkan-sen and Kijun-sen would be required before the chart begins to show recovery conditions.

With traders waiting for inflation releases this week, Bitcoin's inability to clear $65,000 has left little technical support for buyers trying to extend the rebound. The US Treasury's auction calendar includes $125 billion of three-year, 10-year and 30-year securities between August 11 and August 13.