Bitcoin Stalls Despite Positive Signs

Bitcoin’s price encountered resistance around $65,000 on Thursday, despite positive on-chain data indicating increased holdings among short-term investors and a slight rise in inflows to US spot Bitcoin ETFs. Analysts see the $65,000 level as a crucial hurdle for bulls to overcome.

Bitcoin Struggles to Breach $65,000

The price of Bitcoin (BTC) hovered around $63,505 during the Asian trading session and the Wall Street open on July 18th. After reaching $66,000 the previous day, BTC/USD retreated to test the strength of its recent gains as the price realized by short-term holders (STH) came into play.

This key support level, which was slightly above $64,000 on July 18th, had been lost for the first time in nearly a year. The zone around $64,000 is significant for BTC/USD, and confirmation of firm support is needed for further upside. Analysts believe Bitcoin is not yet ready for a successful retest of the $65,000 level as new support needs to be established.

Analysts Eye Bullish Confirmation

A successful retest, similar to a previous instance (not mentioned in detail), is seen as necessary to confirm a breakout back into the $65,000-$71,500 region. Analysts warn of a potential rejection for BTC/USD if the $65,000 area remains undefeated on daily timeframes.

The overall market sentiment is looking for a continuation of the bullish trend. Continued buying pressure, at least to complete the first wave of the intermediate uptrend, would provide more confidence in a potential break above the all-time high (ATH) and the completion of a primary uptrend wave.