Bitcoin slips to $64,300 as $65,000 rejection caps rebound

Bitcoin's third attempt at $65,000 in as many weeks failed to hold, leaving the asset pinned inside a range that has defined its summer.

Bitcoin fell 0.5% to $64,390 on Aug. 19 after failing to hold above $65,000, as resistance near $65,400 and rising bond yields limited the rebound. The pullback followed a spike to $65,000 on Aug. 18 that wiped out $56 million in leveraged short positions versus just $4 million in long liquidations, according to Coinglass data.

"Bitcoin had again been rejected from the high of its compression range," Lennaert Snyder, a trader, said, identifying $65,400 as the level keeping the asset inside its range. Snyder said he was maintaining a short position opened near $65,000, with his downside scenario depending on bitcoin losing $64,000.

The rejection came as U.S. spot Bitcoin exchange-traded funds recorded about $385.2 million in net withdrawals during the week through Aug. 14, following $853.5 million in inflows in the prior five sessions. Binance spot volume has declined for years even as bitcoin held near $64,000, with futures volume reaching $57.82 billion in one session against $6.08 billion in spot, a futures-to-spot ratio of 7.82, according to CryptoQuant data.

Bitcoin has traded mostly between $62,500 and $65,400 since late July, with repeated reversals compressing the range. A daily close above the upper Bollinger Band at $65,350 would open a path toward $66,000 and the late-July swing area near $67,000, while a loss of the $62,400-$62,700 support zone would expose $61,000 and the June-July lows near $58,000.

VanEck sees accumulation phase

VanEck analysts, including Senior Investment Analyst Patrick Bush and Head of Digital Assets Research Matthew Sigel, said their "Bitcoin Capitulation Check" framework shows 8 of 12 indicators currently showing capitulation conditions, indicating bitcoin is "nearing or currently in an accumulation phase." The current cycle is roughly 11 months removed from the October 2025 peak of $126,300, versus an average 12.7 months for prior bear cycles. Long-term holders have distributed approximately 356,000 BTC in the past 30 days, cutting their share of circulating supply below 60% for the first time in months, with 11.84 million BTC classified as long-term holdings.

Trading specialist Aksel Kibar flagged a possible inverse head-and-shoulders formation with a neckline around $62,300, suggesting a bullish target of $76,000 if the pattern validates, while Ted Pillows said a four-hour close above $65,000 could push bitcoin toward $68,000. Skybridge Capital founder Anthony Scaramucci noted the current drawdown of roughly 55% is far milder than the 75-80% drops seen in prior bear markets, "suggesting many net buyers are already positioning for the next bull phase."

U.S. investors are now awaiting minutes from the Federal Reserve's July meeting for signals on inflation and the path of interest rates. Treasury yields eased Wednesday after a global bond selloff, with the 10-year yield around 4.686%, while Brent crude held above $91 as renewed U.S.-Iran tensions kept energy-driven inflation concerns alive. A softer policy signal, improving ETF flows, and a close above $65,400 would strengthen bitcoin's breakout case; renewed pressure on bonds and a loss of $64,000 would instead shift attention toward $62,500 and the large liquidation cluster near $62,200, according to CoinGlass data.

This article is for informational purposes only and does not constitute investment advice.