Bitcoin News
By Steven Anderson
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ETF Inflows Provide a Floor. Institutional money kept moving in last week. Between August 3 and 7, CoinGlass tracked $854…
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Key Levels and What Breaks Them. The range is fairly well-defined right now. Support sits between $64,700 and $64,800.
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Bitcoin can't quite hold $65,000. It touched $65,400 briefly on August 10, then slipped back under the threshold — sitting at $64,950 with a modest 0.
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The macro backdrop has gotten complicated fast. The U.S. shed 23,000 nonfarm jobs in July, per the Bureau of Labor Statistics, holding unemployment at 4.1%.
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Until Bitcoin drops below $64,500, the market stays relatively stable. That's the line traders are watching.
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That steady institutional bid is probably what's keeping Bitcoin from sliding harder. It's not a guarantee, but it's a real floor.
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The range is fairly well-defined right now. Support sits between $64,700 and $64,800. Resistance clusters from $65,300 up to $66,300.
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TradingView puts it plainly — Bitcoin has been range-bound for roughly two months. The current sideways grind isn't a new trend.
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Read also: Bitcoin Spot ETFs Pull In $853 Million, BlackRocks IBIT Grabs $693 Million in a Single Week
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A soft inflation print could extend the rally. ETF inflows plus dovish Fed expectations would be a strong combination, and Bitcoin could push through $65,469 toward the $67,000…
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It's not a great setup for anyone who wants certainty. Traders on both sides are basically waiting.
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The two-month range pattern means Bitcoin hasn't confirmed a new directional move in a while. Each attempt at $65,400 or above has faded.
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And the CPI report is the most obvious catalyst to break it. Macro has driven crypto more directly over the past year than most people expected.
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See also: MicroStrategy Sells 1,690 Bitcoin as USD Cash Pile Reaches $4.65 Billion
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BlackRock's IBIT pulling in $694 million in a single week is still a striking figure — worth sitting with for a second. That's not a trickle.
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