Bitcoin traded around the $64,000 level on Tuesday, continuing its low-volatility sideways movement.
Notable Statistics:
- Coinglass data shows 61,746 traders were liquidated in the past 24 hours for $164.57 million.
- SoSoValue data shows net inflows of $170.09 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net outflows of $11.4 million.
- In the past 24 hours, top losers include Audiera, ether.fi and Flare.
Notable Developments:
Trader Notes:
Crypto chart analyst Ali Martinez noted Bitcoin is testing the upper boundary of a descending channel, with $64,300 as the key breakout level. A four-hour close above that could confirm bullish momentum and pave the way for a move toward $65,500–$66,500.
Trader KillaXBT pointed out that Bitcoin’s next key date is Aug. 14, a period that has historically coincided with major directional moves. BTC has posted a negative reaction around that date in 8 of the last 10 instances, making a test of $60,000 a likely scenario.
The strategy is to fade market sentiment, look for long opportunities if BTC sells off and consider shorts if it rallies.
Ted Pillows highlighted that large sell orders have emerged in the $64,000–$65,000 range, creating a significant resistance zone for Bitcoin.
This heavy sell wall is likely to make it difficult for BTC to break above $65,000 unless buying pressure strengthens.
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