Bitcoin's Four-Week Streak Faces First Test as Demand Softens

Bitcoin's four-week winning streak faces its first test as demand softens and price action becomes uncertain.

Last week, Bitcoin extended its positive run with a minor 1% weekly gain, marking its fourth straight weekly advance since April.

The cryptocurrency climbed to a weekly high of $67,000 on Tuesday before dropping 5% as short-term holders sold near their breakeven level.

Despite recent ETF inflows, institutional demand remains under pressure. The Bitfinex Alpha report states that the short-term holder cost basis has stabilized near $68,500, which has become a key resistance area that will likely require stronger demand to break above it.