Selling Pressure Mounts for Bitcoin Amid Key Resistance Test

Bitcoin's price has been under renewed selling pressure after failing to break above the $65,000 level. Currently trading at around $64,200, several on-chain and institutional indicators point to weakening demand and rising supply.

A concentration of heavy supply is near the $61,000-$64,000 range, creating potential overhead selling pressure. Exchange balances have increased, miner reserves continue to decline, and Bitcoin ETF flows have turned negative.

The Coinbase Premium remains below zero, suggesting weaker buying interest from U.S. investors. These indicators suggest that both increasing supply and weakening demand are affecting the market.

Bitcoin's momentum appears mixed, with CVD failing to establish a sustained buying trend. Open Interest remains relatively elevated, indicating that despite buyers' attempts to recover, strong enough demand has yet to support a breakout above $66,800.