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Bitcoin flirts with $62,500 as traders watch for a move toward $58,500
Bitcoin tested $62,538 on Aug. 14, marking a challenge to the $62,500 to $62,560 floor of a five-week $62,000 to $66,000 range.
Bitcoin was trading near $62,900 heading into the weekend after an Aug. 14 intraday low of $62,538, a move that effectively tested the $62,500 to $62,560 zone. That floor has held the bottom of a roughly five-week trading range between about $62,000 and $66,000, according to CryptoSlate.
CryptoSlate noted that the downside has been matched by persistent difficulty on the way up, with Bitcoin having tested the $65,000 to $65,500 area multiple times from Aug. 5 through Aug. 10 without producing a daily close above $65,000. The same analysis points to Bitcoin needing about 3.3% to reclaim the range ceiling and suggests a breakdown below the floor could trigger a more pronounced selloff toward $58,500.
The report links the fragility in crypto price action to a shifting macro backdrop, including softer US data that lowered September rate-hike odds to 31% from 59% a week earlier. It cites July payrolls down 23,000, revised down by 103,000 combined for May and June, and CPI rising 0.1% month on month with headline inflation at 3.4% year on year and core inflation at 2.5%.
CryptoSlate also highlighted positioning and flows that could amplify volatility if $62,500 fails, including the concentration of roughly 1.79 million BTC, about 8.9% of circulating supply, within the $62,000 to $65,000 band by cost basis at Bitfinex. It added that US spot Bitcoin ETFs saw about $289 million in net outflows this week, reversing some of the prior positive flows it recorded.
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