All about Bitcoin's price struggles at $65K-$67K bottleneck and how it can overcome it - AMBCrypto
There is a fierce battle being waged between Bitcoin [BTC] bulls and bears as the price climbs back above $65K once more. The on-chain metrics covered in recent days showed that strong, sustained demand is. . .
There is a fierce battle being waged between Bitcoin [BTC] bulls and bears as the price climbs back above $65K once more. The on-chain metrics covered in recent days showed that strong, sustained demand is not yet present to support a bullish trend reversal. Source: CryptoQuantOn 5th August, asBitcoinapproached $65K, the centralized exchange Binance saw a spike in taker buyer volume. This buying spree was not large enough to overcome the limit sell orders sitting overhead. After absorbing the influx of demand, buyer exhaustion saw short-term price dips towards $64K in the last 48 hours. The $65K-$67K zone will be key to determining the next impulse move. What needs to happen to give Bitcoin’s price a bullish color?Source: Farside InvestorsThe Spot ETF flows were positive for the past four trading days. Since 3rd August, ETF flows measured a cumulative $763. 6 million in inflows. This seemed to be an encouraging sight for the bulls gunning for a move beyond the $65K supply zone. AMBCrypto had previously reported thatHODLer accumulationwas underway, but fresh capital inflows may be needed to catalyse a BTC move higher. At the same time, there could also be room for the ongoing bear cycle to take one step lower. Source: Axel Adler Jr. The LTH SOPR measures if the long-term holder coins are moving at a profit or not. Its 7-day moving average of 0. 92 meant, on average, these coins were moving at a loss. A drop towards 0. 7 or lower would signal intense selling pressure from LTHs. Source: Axel Adler Jr. At the time of writing, Bitcoin’s price was 30% above the long-term holder cost basis at $49. 3K, but still 5% below the short-term holder cost basis at $67. 5K. Once again, the $65K-$67K area can be highlighted as an immensely important supply zone for bulls to conquer. A price move past $67. 5K and the LTH SOPR above 1 would signal a potential trend shift. Are the current trends still firmly bearish?Source: BTC/USDT on TradingViewAt press time, BTC’s swing structure on the 1-day chart was bearish. The current bounce had not even reached the 50% level at $70. 3K. A bounce could go as high as $77. 5K-$82. 8K and still maintain a bearish swing structure. Investors could choose to wait for the $82. 8K-level to be breached, along with recovery in capital flows and on-chain signals. This, before turning their long-term bias bullishly. Source: BTC/USDT on TradingViewIn the short-term too, Bitcoin’s price seemed to maintain a bearish bias. The $67. 3K swing high from mid-June needs to be breached to give swing traders a reason to target long trades. The sideways movement between $60K-$66. 5K in July only signaled the continuation of the previous bearish trend. The $67K-bottleneck must be defeated to shift this narrative. Final SummarySwing levels at $67. 3K and $82. 8K will be key to determining Bitcoin’s price direction in the coming weeks. Its price is still 30% above the long-term holder cost basis, with the current market stress only affecting the higher cost portion of LTH BTC holders.