Bitcoin's $64k Support Put to the Test as Key Demand Drivers Stumble
Bitcoin's price has been hovering around $64,200, leaving its immediate support level of $64,000 in question. A combination of factors is contributing to this uncertainty. Four consecutive US spot Bitcoin ETF sessions have seen a total net outflow of $526.5 million, indicating weakness in a major regulated demand channel.
Glassnode's data shows that perpetual futures buying has weakened and broader on-chain capital inflows are stagnant. This suggests that investors are becoming more cautious with their leverage. Despite this, the derivatives signal is not entirely bearish, as options traders have reduced their immediate protection.
Long-term holders remain a stabilizing force for Bitcoin's price, as they continue to show conviction and aggregate unrealized losses decline modestly. However, if a sustained break below $64,000 occurs with renewed long-term holder distribution or rising realized losses, it could indicate that support has failed.