Bitcoin Slips Below $65K Resistance Amid Pre-CPI Caution
Bitcoin's price has been declining, slipping to around $64,044 on August 11 as traders reduced risk ahead of key US inflation data. The cryptocurrency struggled to establish a sustained move above $65,000-$65,500 and sellers defended this area, turning the failed breakout into a short-term reversal.
The rejection near resistance triggered a wave of long liquidations, making the market correction appear sharper due to automated selling adding pressure.
Despite the decline, on-chain data shows that some large holders are continuing to accumulate, with 90 wallets holding more than 10,000 BTC reaching a six-month high. This creates an important divide in the market, with short-term traders reacting to macro risks and price volatility while larger investors position for a longer-term recovery.
The next major move for Bitcoin could depend on whether buyers can challenge the $65,000-$65,500 zone or if sellers break below the support zone near $60,000. The cryptocurrency's value remains sensitive to movements in the US dollar, global bond yields, and investor appetite for risk.