Bitcoin continues to face stiff resistance around the $65,000 mark, with the latest attempts to break higher stalling and leaving the cryptocurrency vulnerable to a pullback toward $62,800. As of August 14, BTC was trading near $63,000, down roughly 1.6% over the past week, according to CoinGecko data.
ETF outflows weigh on demand
One of the key headwinds has been persistent outflows from US spot Bitcoin ETFs. SoSoValue data shows these funds recorded approximately $131 million in net outflows on August 13, extending a streak of withdrawals that has eroded a major source of buying pressure. ARK 21Shares' ARKB led the latest exodus with $58.8 million in net outflows, while Fidelity's FBTC saw $46.8 million leave a day earlier.
The recent flow pattern has been uneven. After $144.6 million in outflows on August 10, a modest $7.8 million inflow on August 11 was quickly reversed, with withdrawals resuming over the next two sessions. This weakening demand has made it difficult for Bitcoin to sustain rallies above $65,000.
Price action and key levels
Between August 8 and August 10, BTC traded above $65,000 on several occasions, but each attempt was met with selling pressure. The loss of $64,500 on August 11 marked a turning point, and subsequent rebounds have repeatedly stalled below that level, leaving the price hovering near $63,000.
The $64,000–$65,000 zone now stands as the primary resistance separating Bitcoin from another test of $65,000. On the downside, the $62,800 area has emerged as a critical support level, reinforced by a concentration of leveraged positions on the CoinGlass 24-hour liquidation heatmap.
Liquidation clusters and technical indicators
The heatmap shows a large cluster of leveraged positions between $62,750 and $62,900, just below the current price, with another pocket around $62,300–$62,500. Above spot, significant liquidity sits at $63,700–$64,050 and $64,500–$64,650. This positioning suggests that a break below $63,000 could trigger a move toward $62,800, where the nearest major liquidity pool resides.
On the daily chart, Bitcoin has fallen below three anchored VWAP levels at approximately $63,415, $64,024, and $64,634, all of which now act as resistance. The Stochastic RSI has dropped into oversold territory (%K at 10.11, %D at 17.95), indicating that short-term momentum is stretched, but a confirmed bullish crossover has yet to occur.
4-hour chart and potential scenarios
The 4-hour chart places added importance on $62,800. Bitcoin is trading near $63,128, below the Keltner Channel basis at $63,639 and close to the lower band at $62,777. The upper band sits at $64,502. If BTC loses $63,000, the lower band and the liquidation cluster combine to make $62,800 the first downside target, followed by $62,300–$62,500 and the larger $62,000 support zone.
The 4-hour Money Flow Index stands at 47.99, having recovered from oversold levels, but a reading near 50 indicates no clear directional advantage. For a recovery, Bitcoin needs to reclaim $63,639, then $64,000, and eventually the $64,500–$64,650 zone, which aligns with both the upper Keltner band and a major liquidation cluster. A break above that could open the door to $65,000 and potentially $65,500–$66,000.
Macro context and outlook
US inflation data released earlier this week provided some relief, with July headline inflation easing to 3.4% from 3.5% and core inflation falling to 2.5% from 2.6%. Bitcoin initially rose on the softer figures, but the rally faded quickly, underscoring the persistent selling pressure. The broader market has been digesting these developments, with the S&P 500 setting a record close on the back of cooling inflation, yet Bitcoin has failed to benefit.
As long as ETF outflows continue and price action remains below key resistance levels, the path of least resistance appears to be lower. The $62,800 level is now the immediate focus for traders, with a break below potentially opening a deeper decline toward $62,000. Conversely, a reclaim of $64,000 would signal renewed bullish momentum, but the $65,000 ceiling remains a formidable barrier.
This article is for informational purposes only and does not constitute financial advice.
