Bitcoin is pushing into the $64.8K to $65.4K resistance band after a rebound from its recent lows, with a cluster of short liquidations building above the market near $66K. On-chain data shows long-term holders still accumulating, but new demand has yet to confirm the bounce.
The rally is pressing into the $64.8K to $65.4K resistance band on the four-hour chart. This zone has already rejected the price several times over the past two weeks. A breakout would likely open the door toward the daily resistance at $66.2K to $66.8K, while a rejection would send the price back toward the $61.8K to $62.3K demand zone that fueled the current bounce.
Price presses into the daily resistance zone
On the daily chart, Bitcoin remains inside its broader consolidation range, with the rebound carrying price back toward the $66.2K to $66.8K resistance zone while support holds at $57.8K to $60.2K. However, the coin is still trading beneath its declining 100-day and 200-day moving averages, and the descending long-term trendline remains intact. As a result, a confirmed breakout above $66.2K to $66.8K would be the first signal buyers are regaining control, opening the path toward the next resistance around $72K to $74K.
Short liquidation cluster builds near $66K
The latest two-week liquidation heatmap shows a significant concentration of short liquidation liquidity above the current price, near the $66K region. Therefore, if buyers push through the nearby resistance, the liquidation of overleveraged short positions could trigger a short squeeze that accelerates bullish momentum. A liquidation cluster also sits below the current market, but it primarily reflects aggressive long positioning, leaving the larger liquidity target overhead.
On-chain demand still lags the rebound
Bitcoin has oscillated between $60k and $66k since June, for the most part, and on-chain data suggests why. The short-term holder SOPR sits at 1, meaning coins held under 155 days are on average at their cost basis, while the taker buy/sell ratio shows a slight skew toward aggressive sellers. Meanwhile, the stablecoin supply ratio reads 11.58, pointing to still-limited buying power on the sidelines.
Yet long-term holders keep accumulating: the apparent demand-to-issuance metric stands at -5.43, negative for five months but recovered from a July low near -16. The net age flow, meanwhile, shows 85.5k BTC moving from young coins into the over-one-year cohort, a pattern that signals accumulation rather than distribution. Existing holders keep building positions, but new buyers have not yet arrived in sufficient numbers to confirm the rebound.
Sources: CryptoPotato, AMBCrypto
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