Blab Crypto
Bitcoin Holds Near $65,000 as Technical Indicators Suggest Weak Trend, While ETF Inflows and Whale Selling Shape Market Dynamics
Bitcoin hovers around $65,000 on August 10, 2026, slipping into a narrow consolidation zone that has held the cryptocurrency steady for several weeks. The price sits just above its 54‑day simple moving average (SMA) of roughly $64,352, yet it remains trapped below the key resistance band near $67,260.
Veteran trader Peter Brandt, renowned for his market‑timing insights, shared a cautious view on social media: “I am not in the bet yet, but if I were to bet it would be for a decline.” Brandt’s chart reveals a head‑and‑shoulders pattern that developed between April and June. With the neckline around $75,000 already breached, the pattern’s projected target points to roughly $58,000 if Bitcoin fails to push past the $67,260 resistance.
Technical data reinforce a lack of clear direction. The Average Directional Index (ADX) for BTC/USD hovers at about 11.16, signaling weak trend strength. Meanwhile, the Average True Range (ATR) sits near $1,672, indicating that daily price swings remain relatively wide.
On the demand side, institutional flows into U.S. spot Bitcoin exchange‑traded funds (ETFs) continue to bolster the market. SoSoValue reports that from August 3 to August 7, the five‑session period recorded net inflows of $170.1 million, $211.5 million, $244.4 million, $137.6 million and $101.7 million, respectively – a cumulative total of about $865 million. These inflows represent the largest weekly net inflow for U.S. spot Bitcoin ETFs since mid‑April.
Supply pressure comes from a single whale that has sold 7,513 BTC, worth roughly $486.9 million, over the past three weeks. The same whale also offloaded 1,019 BTC, worth about $66.4 million, in a separate transaction. While this activity is notable, it does not prove that whales as a group are selling.
The whale’s moves coincide with on‑chain analysis showing Bitcoin’s price below the short‑term holder realized price. CryptoQuant analyst Axel Adler Jr. set the cost basis for short‑term holders at $67,523 on August 8, close to the resistance area identified by Brandt.
Separately, a security incident involving Coldcard hardware wallets has been disclosed. Coinkite confirmed a seed‑generation weakness in several Coldcard firmware versions and urged affected customers to generate new seeds and move their BTC. Galaxy Research reported that 1,596 BTC were stolen across three attack waves, with a potential fourth wave that could bring losses to roughly 2,055 BTC. No evidence links the Coldcard breach to the recent ETF inflows.
The next macro data release that could sway Bitcoin’s price is the U.S. Consumer Price Index (CPI) for July, scheduled for August 12 at 8:30 a.m. ET. The CPI report will shed light on inflationary pressures that could influence risk‑on sentiment.
In short, Bitcoin remains in a tight range near $65,000, with technical indicators pointing to a weak trend. Institutional inflows into spot ETFs continue to support the price, while whale selling adds supply pressure. The forthcoming CPI release may act as a catalyst for a breakout above the $67,260 resistance or a further test of the $60,000 support level. Market participants will watch closely to see whether Bitcoin can sustain a move above resistance and challenge the bearish head‑and‑shoulders scenario outlined by Brandt.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
Veteran trader Peter Brandt, renowned for his market‑timing insights, shared a cautious view on social media: “I am not in the bet yet, but if I were to bet it would be for a decline.” Brandt’s chart reveals a head‑and‑shoulders pattern that developed between April and June. With the neckline around $75,000 already breached, the pattern’s projected target points to roughly $58,000 if Bitcoin fails to push past the $67,260 resistance.
Technical data reinforce a lack of clear direction. The Average Directional Index (ADX) for BTC/USD hovers at about 11.16, signaling weak trend strength. Meanwhile, the Average True Range (ATR) sits near $1,672, indicating that daily price swings remain relatively wide.
On the demand side, institutional flows into U.S. spot Bitcoin exchange‑traded funds (ETFs) continue to bolster the market. SoSoValue reports that from August 3 to August 7, the five‑session period recorded net inflows of $170.1 million, $211.5 million, $244.4 million, $137.6 million and $101.7 million, respectively – a cumulative total of about $865 million. These inflows represent the largest weekly net inflow for U.S. spot Bitcoin ETFs since mid‑April.
Supply pressure comes from a single whale that has sold 7,513 BTC, worth roughly $486.9 million, over the past three weeks. The same whale also offloaded 1,019 BTC, worth about $66.4 million, in a separate transaction. While this activity is notable, it does not prove that whales as a group are selling.
The whale’s moves coincide with on‑chain analysis showing Bitcoin’s price below the short‑term holder realized price. CryptoQuant analyst Axel Adler Jr. set the cost basis for short‑term holders at $67,523 on August 8, close to the resistance area identified by Brandt.
Separately, a security incident involving Coldcard hardware wallets has been disclosed. Coinkite confirmed a seed‑generation weakness in several Coldcard firmware versions and urged affected customers to generate new seeds and move their BTC. Galaxy Research reported that 1,596 BTC were stolen across three attack waves, with a potential fourth wave that could bring losses to roughly 2,055 BTC. No evidence links the Coldcard breach to the recent ETF inflows.
The next macro data release that could sway Bitcoin’s price is the U.S. Consumer Price Index (CPI) for July, scheduled for August 12 at 8:30 a.m. ET. The CPI report will shed light on inflationary pressures that could influence risk‑on sentiment.
In short, Bitcoin remains in a tight range near $65,000, with technical indicators pointing to a weak trend. Institutional inflows into spot ETFs continue to support the price, while whale selling adds supply pressure. The forthcoming CPI release may act as a catalyst for a breakout above the $67,260 resistance or a further test of the $60,000 support level. Market participants will watch closely to see whether Bitcoin can sustain a move above resistance and challenge the bearish head‑and‑shoulders scenario outlined by Brandt.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
