Bitcoin traded near $65,100 on August 10 as it continued to struggle for momentum above a key technical level. Market analyst Michaël van de Poppe stated that $65,800 represents the crucial weekly resistance for BTC, with exchange data indicating a modest accumulation trend over the past month. Meanwhile, rising reserves on trading platforms have increased the available supply for transactions.
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BTC held within a tight range, unable to convert the $65,000 barrier into firm support. Market participants remained focused on whether Bitcoin could close the week above the $65,800 resistance.
Van de Poppe described $65,800 as the critical level to watch. He projected that a successful breakout could trigger gains toward $73,700, with $82,900 as a secondary target—close to the cryptocurrency’s 50-week moving average. Reaching this zone, according to his analysis, could suggest an end to the extended bearish period for Bitcoin.
Following a break above $65,800, targets of $73,700 and $82,900 come into focus, with the weekly resistance expected to provide a turning point if momentum holds.
The analyst evaluated several momentum indicators, including the three-day and weekly MACD, both of which displayed bullish divergence. The RSI also reflected this pattern, which occurs when price trends downward but the indicator rises—often signaling weakening downside strength, though not guaranteeing a price reversal.
Van de Poppe drew parallels between current signals and those seen during previous price lows in the past year. He also referenced similar momentum breakouts in multiple altcoins, reinforcing the view of potential upward movement in the broader crypto market.
Market Dynamics and Exchange Activity
Despite multiple liquidity sweeps affecting long positions, Bitcoin has not experienced significant declines, according to the analyst. He said a surge above $65,800 could fuel volatility as short positions face pressure and traders act quickly to adjust their exposure.
CoinGlass data showed a net outflow of $412 million from exchanges over 30 days, indicating higher withdrawals than deposits. Such activity typically points to investors transferring assets to private wallets or custodians rather than keeping them on exchanges, though the outflow remained lower than levels seen during previous stronger accumulation phases.
Over the past 50 days, the highest outflow reached $1.10 billion, signaling some market caution. However, in the last 15 days, Bitcoin recorded a $182 million net inflow, meaning more coins were sent to exchanges, potentially increasing availability for trade.
Short-term inflows boosted the supply on trading platforms, but these moves do not necessarily imply sales, since holders often move assets in advance of transactions or for a range of strategic reasons.
Technical Signals and Portfolio Strategies
CryptoQuant reported that Bitcoin exchange reserves climbed to 2.71 million BTC, further increasing the pool of coins available to the market. Still, the motives behind such deposits remain unclear: while greater reserves allow for immediate trading, they do not confirm an intention to sell.
Investors frequently transfer assets to exchanges ahead of sales, while withdrawals tend to reflect transfers to private or institutional custody. The price action currently sits between improving momentum signs and relatively subdued spot demand, suggesting a decisive weekly close is needed for directional clarity.
Aligning with recent market trends, platforms aiming to bridge the gap between traditional finance and crypto are gaining traction. One example is 1stepSwap, which enables users to transfer real-world assets like shares of major U.S. companies or commodities, such as gold and silver, directly onto the blockchain. Through its system, investors can buy and sell these assets directly from their crypto wallet, eliminating intermediaries and complicated procedures, while the platform’s price aggregation feature ensures trades occur at the best available market rates. This allows users to access and diversify global assets in seconds, blending traditional and digital investment opportunities.
Unless Bitcoin decisively breaks above $65,800, the cryptocurrency is likely to remain within its established range. A successful weekly close above this resistance will reinforce bullish sentiment heading into the next technical targets.
