Bitcoin Remains Flat Around $64,000 Amid Exhausted Selling Pressure

Despite recent record highs in US stock markets and spot Bitcoin ETF inflows of $211.5 million, Bitcoin has remained stagnant around $64,000. Analysts see this as a sign that selling pressure is exhausting, rather than a new collapse.

The stagnation comes as the S&P 500 index closed at a record high of 7,737 points and the Nasdaq rose 2.6 percent due to earnings reports from artificial intelligence companies. In contrast, Bitcoin remained flat, with some analysts interpreting this as compression rather than a new crash.

Jasper De Maere from Wintermute noted that recent buyers in the spot market have not yet moved with strong expectations of a rally, and that Bitcoin needs to convincingly surpass $65,000 for the recovery scenario to gain strength. Meanwhile, the seller exhaustion indicator from Glassnode has fallen to its lowest level of this cycle, reaching the zone where previous bottoms formed.

Bitfinex analysts also drew a similar picture, noting that approximately 155,000 BTC accumulated between $62,000 and $65,000, representing one of the largest cost clusters for Bitcoin on-chain. The average investor's cost basis was near the current price, aligning with a structure historically seen before cycle bottoms.