Bitcoin holds US$64,341 while miners bleed US$1.26B: What is really happening?
Bitcoin trades at US$64,341 after reaching a daily high of US$64,916 and establishing a daily low of US$64,114. The digital asset currently sits 3.8 per cent below its 30-day high of US$66,900. Traders observe a mixed moving average posture across multiple time frames. I believe the market currently lacks strong conviction, leaving participants waiting for […] The post Bitcoin holds US$64,341…
Bitcoin's price currently stands at US$64,341, marking a 3.8% decline from its 30-day high of US$66,900. Traders are witnessing a mixed technical setup, with the asset trading below multiple moving averages, indicating no confirmed trend direction. The relative strength index is neutral at 51, avoiding both overbought and oversold conditions.
Resistance is identified at US$66,900, while support is found at US$62,600. Bitcoin's price action is closely linked to gold, with a correlation of 0.58. The upcoming nonfarm payrolls and unemployment rate release are anticipated to have minimal impact on digital assets. Geopolitical events, including the conclusion of US-Iran diplomatic talks, also occupy investor focus.
However, macroeconomic indicators alone are insufficient to drive digital asset momentum. Institutions have shown mixed signals in ETF flows, with massive inflows followed by volatile daily net flows. Long-term holders are distributing their assets, creating underlying selling pressure in the spot market. Derivatives markets exhibit balanced positioning, with limited liquidation walls and flat positioning.
Soft domestic demand in the US spot market suggests institutional buyers may lack the necessary appetite to push Bitcoin past resistance levels. Mining sector losses, particularly notable in the case of MARA Holdings, contribute to overall bearish pressure on Bitcoin's price.
Written by urgent.news from e27's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
