Bitcoin's latest attempt to reclaim the $65,000 level has failed, sending the cryptocurrency down about 1.8% over the past 24 hours to near $63,950. The move marks another rejection from the $65,000–$65,500 resistance zone, leaving the rebound from earlier this month in question.
According to CoinGecko data, BTC traded as high as roughly $65,300 before sliding to around $63,750, with the price hovering near $63,950 at the time of writing. The decline accelerated after the peak, with most of the drop occurring in a sharp move from above $64,700, followed by relatively narrow trading between $63,800 and $64,100.
The pullback has erased Bitcoin's recovery from the $62,000 area, where buyers stepped in earlier this month. While BTC climbed back above $65,000 during that rebound, it failed to establish sustained trading above the level, keeping the recovery inside the descending price structure that has developed over recent months.
Inflation data and Treasury auctions keep traders cautious
This week's US macro calendar is adding to the caution. The Bureau of Labor Statistics will release the Producer Price Index for July on August 13 at 8:30 a.m. ET, offering another reading on inflation ahead of Federal Reserve decisions. Stronger-than-expected price pressures could reduce the likelihood of easier monetary policy, keeping Treasury yields elevated and pressuring non-yielding assets like Bitcoin. Conversely, a weaker reading could give the Fed more room to consider rate cuts.
Adding to the mix, the US Treasury will auction $125 billion in three-year, 10-year, and 30-year securities between August 11 and August 13. Weak demand at these auctions could force higher yields to attract buyers, which would increase the relative attractiveness of government debt compared with Bitcoin. The timing leaves BTC facing both technical resistance and potential volatility from the bond market.
Institutional inflows not enough to break resistance
Institutional interest has provided some support, but recent ETF flows have not been sufficient to push Bitcoin through resistance. US spot Bitcoin exchange-traded funds recorded approximately $853.5 million in net inflows over five consecutive sessions from August 3 through August 7, reversing earlier weaker flows. Despite this, BTC failed to hold above $65,000, indicating that incoming spot demand has not yet overcome selling pressure in the mid-$60,000 region.
Technical levels to watch
On the daily chart, Bitcoin is trading around $63,900, below both the Tenkan-sen ($64,568) and Kijun-sen ($64,192) on the Ichimoku Cloud, leaving buyers without a clean short-term trend confirmation. The projected cloud also sits close to the current price, and the Volume Profile Visible Range (VPVR) shows a heavy concentration of historical trading activity around $64,000–$66,000, making that zone difficult to clear.
For bulls, an initial recovery above roughly $64,200 would put the Kijun-sen back below price, while a move above $64,550–$64,600 would reclaim the Tenkan-sen. A sustained break above the $65,000–$65,500 rejection area could open the door toward $66,000, but the larger daily trend still faces a significant obstacle: the 200-day moving average, which sits near $69,877 and is descending.
Until Bitcoin reclaims that average, the daily chart will continue to show price trading below its major long-term trend line. The Chaikin Money Flow indicator has also turned negative, falling to approximately -0.08, reflecting weakening buying pressure.
With the rebound stalling, traders are watching $62,000 as the key downside support. A break below that level could signal a deeper correction, while a move back above $65,000 would be needed to revive the bullish case.
This article is for informational purposes only and does not constitute financial advice.
