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Bitcoin hovers near $64,500 as weekend levels split traders’ next week
Investors are watching $62,500 support and a $65,000 reclaim, with US-traded spot Bitcoin ETFs reportedly shedding $240 million on July 24.
Bitcoin was trading near $64,500 this weekend, positioned between $65,000 resistance above and $62,500 support below, levels that the market will look to for confirmation in Sunday’s close, according to CryptoSlate.
The report said Bitcoin previously climbed as high as $66,990 on July 21, a one-month high, but then slipped back under $65,000 and turned the former breakout line into overhead resistance. It also noted that weekend trading volume has been more than 40% below the recent average, increasing the importance of the Sunday close to validate any moves.
On the downside, CryptoSlate said Bitcoin’s structure built since early July depends on holding $62,500, with a longer-term floor that has been defended at $60,000. On the upside, a confirmed close back above $65,000 would suggest the July 24 drop was a failed breakdown, putting $68,000 next in focus.
CryptoSlate also tied the market’s level shift to US-traded spot Bitcoin ETF flows, saying they shed $240 million on July 24, a move that can flip support into resistance quickly. The article added that a return above $65,000 would require only a 1.4% gain from the current price, and highlighted $68,000 as the first significant supply area near the short-term holder cost basis.
Latest closeBitcoin $81,906.63 ▼1.4%