Three Demand Channels Stall as Bitcoin Tests $64,000 Support

Bitcoin's price has been testing the $64,000 support level amidst three key demand channels losing momentum. The US spot Bitcoin ETF sessions have posted a combined net outflow of $526.5 million over four consecutive sessions. Glassnode reported weaker perpetual futures buying and stagnant on-chain capital inflows.

The long-term holder conviction remains the main buffer supporting the market, according to Glassnode's analysis. Despite the decline in demand from regulated investment products, which shifted into net outflows, and softer perpetual futures buying, the holder buffer thesis is still intact.

However, a sustained break below $64,000 could weaken the holder buffer thesis if accompanied by rising realized losses or faster selling pressure. For now, the market continues to test the support level without significant deterioration in long-term holder conviction.