Bitcoin rebounded on August 17, when it was supported by a purchaser near $6.27 million, returning once over $6.36 million. However, this round-up is still in the zone for the time being, and the current bitcoin ETF in the United States continues to flow out, leaving the market cautious about the subsequent offensive.
ETF funds continue to flow
The United States spot bitcoin ETF was reported to have net outflows of $389.7 million between 10 and 14 August. The previous week had just recorded the strongest single-week inflow of such products since April, and the latest data indicated that institutional demand had not recovered steadily.
On a day-by-day basis, $144.67 million on Monday, $61.16 million on Wednesday, $131.3 million on Thursday and $5.763 million on Friday. The continued recovery of funds means that Bitcoin is still under considerable pressure if it is to be back on its feet at $65,000.
$64,000 above group liquidity
CoinGlass ' one-week settlement heat seeks to show that there are multiple high-density liquidity areas above the current price of Bitcoin. The most recent area is in the range of $6.4 million to $6.42 million, with larger concentrations ranging from $6.47 million to $6.49 million and more leverage over $65,000.
Such areas usually correspond to loss orders and clearing points, and prices become more volatile when they are close. If Bitcoin breaks through $6.42 million, empty silos could drive prices closer to $6.48 million to $6.55 million.
Below is a large liquidity belt around $6.22 million to $6.23 million. If $6.27 million fails, the price may fall back to test the area again. The lower-position reference support is close to $6.15 million, while the larger lower-line reference point for the dayline remains around $578 million.
Short-line rebound still hasn't reversed the trend.
It was reported that bitcoin 4 hours of kinetic energy had been repaired, and RSI had risen to 58.76, indicating that short-line purchases had increased over the previous period. On a larger scale, however, the solar line has yet to confirm a reversal of the previous trend of high-level positions.
According to analysts Ted Billows, bitcoin, while holding on to $62,000 above, still needs $6.55 million if it is to develop a more robust operational capability. He gave a focus of $6.19 million below, and if it falls, the market focus could be redirected to between $59,000 and $60,000.
At the same time, it was mentioned that the fall in the United States dollar and the low rate of return on United States debt had somewhat underpinned the dollar-denominated risk asset; however, the rise in oil prices could raise inflation concerns again and limit the availability of more funds for risk assets. Overall, the Bitcoin round was supported by $6.25 million in support, but if the $6.55 million were not effectively breached, it would still be more like an in-house repair than a new reversal of the trend.