Bitcoin's Price Slips Below $65,000 Amid Build-Up of Short Positions
Bitcoin's price has slipped below $65,000 after a fourth failed attempt to hold that level. According to Alex Kuptsikevich, chief market analyst at FxPro, this is not due to selling pressure, but rather a build-up of short positions above $65,000.
The absence of buying momentum as Bitcoin approaches the round number has led analysts to point to $70,000 as the next key level. This target is near Bitcoin's 200-day moving average and clearing it could shift sentiment meaningfully.
Meanwhile, Ethereum (ETH) and XRP have led declines among major tokens, with XRP falling almost 2% to $1.01 and down nearly 6% on the week. Solana and BNB, however, held weekly gains, while HYPE, tron, and dogecoin edged higher.
Weak overall crypto sentiment and a focus on rising bond yields, higher oil prices, and upcoming U.S. inflation data have weighed on assets that do better when rate rises look less likely. This has led to a buildup of short positions above $65,000, as investors wait for the price to drop further.