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BTC Bitcoin struggles near key technical levels, analysts point to breakthrough level
On August 10, Bitcoin traded at close to US$65100, and it was still difficult to gain momentum above key technical levels. Market analyst Michaël van de Poppe pointed out that $65800 is a key weekly resistance level for Bitcoin, and exchange data shows a moderate cumulative trend over the past month. At the same time, reserves on trading platforms have increased, increasing the supply available for trading.
Analysts pointed to a breakthrough level
Bitcoin maintained a narrow range of movements and failed to turn the US$65000 mark into solid support. Market participants remain concerned about whether Bitcoin can stand above the $65800 resistance level at the weekly close. Van de Poppe described $65800 as a critical level to focus on. He predicted that a successful breakthrough could push prices up to $73700, with a secondary target of $82900-close to the cryptocurrency's 50-week moving average. According to his analysis, reaching this area could mean the end of the long-term bear market for Bitcoin. Once it exceeds $65800, the target will focus on $73700 and $82900. If momentum continues, weekly resistance is expected to become a turning point.
The analyst evaluated multiple momentum indicators, including the three-day and weekly MACD, both of which showed bullish divergences. The RSI also follows this pattern-in which prices fall and indicators rise, usually indicating weakening downward forces, but there is no guarantee that prices will reverse. Van de Poppe compared current signals with signals at multiple price lows over the past year. He also mentioned similar momentum breakthroughs in various altcoins, further strengthening the view that the overall crypto market may rise.
Market dynamics and exchange activity
The analyst said that despite multiple liquidity scans affecting long positions, Bitcoin did not show a significant decline. He believes that once the price exceeds $65800, it may trigger volatility because short positions are under pressure and traders will quickly adjust positions. CoinGlass data showed a net outflow from the exchange of $412 million over 30 days, indicating that withdrawals were higher than deposits. This activity usually means investors move assets to private wallets or custodians rather than leaving them on exchanges, although current outflows are still below previous periods of stronger accumulation. In the past 50 days, the highest outflow reached US$1.1 billion, indicating a certain caution in the market. However, over the past 15 days, Bitcoin has recorded a net inflow of $182 million, meaning more coins are being sent to exchanges, potentially increasing transaction availability. Short-term inflows have pushed up the supply of trading platforms, but these moves do not necessarily mean a sell-off, as holders often move assets before trading or for multiple strategic reasons.
Technical Signals and Portfolio Strategies
CryptoQuant reported that Bitcoin exchange reserves rose to 2.71 million BTC, further increasing the pool of available coins in the market. However, the motivation behind these deposits remains unclear: while higher reserves allow instant trading, they do not confirm intention to sell. Investors usually transfer assets to exchanges before selling, while withdrawals often reflect transfers of assets to private or institutional custody. Current price movements are somewhere between improving momentum signals and relatively weak spot demand, indicating that a clear direction of weekly closures is needed to determine direction.
Unless Bitcoin decisively breaks through US$65800, the cryptocurrency may continue to maintain its current range. Success in reaching this resistance level at the weekly close will strengthen bullish sentiment and push prices towards the next technical target.
