Bitcoin has slipped to around $64,000 after failing at $67,000, leaving $63,800 as the line that decides its next move. Analyst Ali Martinez sees a rebound toward $67,000 if that level holds, or a slide to $60,000 if it breaks. Rekt Capital points to thinning buy-side volume and a cap near $65,500 as reasons the odds lean bearish.
Bitcoin's next leg hangs on a single line. After losing momentum and dropping to $64,000 from a recent monthly peak, the largest cryptocurrency now sits just above a support level that analysts say will determine whether it rebounds or breaks down.
Popular analyst Ali Martinez told his over 165,000 followers on X that BTC returned to the key support at $63,800 after failing at $67,000 earlier this week. He expects a rebound toward that monthly high if the line holds, but a break would open the door to $60,000 — a level Bitcoin fell to on a few occasions in June and early July.
Martinez's broader read is cautious. He outlined historical data showing August has rarely favored Bitcoin: the last four editions all finished in the red, and only three of the past 12 posted gains. The last significant August rally came nine years ago, when the asset pumped 65% during the 2017 bull run.
Not every signal points down, though. CW reported that small whales holding between 100 and 1,000 BTC have seen their positions turn green, a pattern the analyst said has in the past preceded short-term upticks or more profound rallies.
Rekt Capital struck a similar note. He noted that BTC's breakout attempts have stalled near $65,500 on the weekly scale, where the 50-Month EMA sits. Rekt Capital warned that BTC may be "developing a new multi-week lower high" after the latest rejection.
He also flagged that declining buy-side volume hints at another bearish shift, as sellers have stepped up lately.
Source: CryptoPotato
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