Bitcoin Stalls at $64,000 Amid Signs of Potential Bottom Formation

Bitcoin is stuck near $64,000 as investors wait for direction. Multiple market research firms say the cryptocurrency may be forming a bottom through seller exhaustion rather than a sharp washout.

Glassnode and Bitfinex analysts said about 155,000 BTC has been accumulated in the $62,000 to $65,000 range, increasing the chances of a market bottom forming. However, the sell-side exhaustion indicator has dropped to its lowest level this cycle and entered the range where all previous bottoms were formed.

Despite signs of a potential bottom, demand remains weak. U.S. spot Bitcoin ETFs recorded their largest monthly net outflow on record in June, with about 65,800 BTC sold on a net basis. Upside implied volatility in the options market fell to around 23%, underscoring still-weak demand.

Jasper De Maere, an OTC trader at Wintermute, said Bitcoin needs to break decisively above $65,000 in the near term for the rebound narrative to remain intact.