Bitcoin (BTC) Price Analysis: Needs to Hold $60.6K as Support to Revisit $65K

Bitcoin (BTC) broke $62,000 on Aug. 8 and now needs to hold the $60,600 level as support on the daily chart to try a revisit to $65,000

Bitcoin (BTC) price action showed signs of recovery on Aug. 8 as BTC price rallied past the $62,000 resistance level. Now, traders are eyeing a crucial level that could propel BTC price further up toward $65,000.

Bitcoin price needs to hold $60,600 for a retest of $65,000

After starting the week with a downtrend, BTC price rallied past the $62,000 resistance level on Aug. 8. The upward movement was likely triggered by Bitcoin chasing a CME gap between $59,400 and $62,550. A CME gap is the difference between the closing and opening prices of futures contracts traded on the Chicago Mercantile Exchange.

However, for Bitcoin to continue rallying and attempt to retest the $65,000 resistance level, it needs to hold the $60,600 level as support on the daily chart. This level corresponds to the previous resistance level that BTC price flipped into support earlier this week.

“Bitcoin has successfully broken above $60600. Dips into $60600, if any at all, would constitute a retest attempt of that level. Generally, continued stability above $60600 and BTC will be able to revisit the $65000 (blue) over time,” stated the trader.

Bitcoin ETF inflows resume after outflows

After starting the trading week with two consecutive days of outflows, spot Bitcoin exchange-traded funds (ETFs) registered two consecutive days of inflows.

Specifically, the total inflows for the week now stand at 600 BTC, with Monday and Tuesday seeing outflows of 200 BTC and 400 BTC, respectively, while Wednesday and Thursday saw inflows of 400 BTC and 800 BTC, respectively. Last week, the outflows reached 2,000 BTC, marking the first outflows since mid-April.

However, the outflows were expected as the ProShares Bitcoin ETF saw record outflows last week, sparking concerns about a potential bear market. Nevertheless, the outflows from the ETF were largely attributed to creation redemptions, a standard procedure in the ETF market.

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