Bitcoin Struggles Above $65K as Selling Pressure Mounts

Bitcoin Struggles Above $65K as Selling Pressure Mounts

On August 8, 2026, Bitcoin (BTC) traded near $65,015, sharply around 3.7% below the short-term holder realized price, which sits at $67,523. This ongoing struggle comes as renewed selling pressure from holders looks likely, particularly as the price remains below significant resistance levels.

Current Market Overview

After a brief recovery from a low of around $62,200 on August 2, Bitcoin has repeatedly tested the $65,000 threshold. However, despite the technical rebound, market signals indicate sellers are defending this level strongly. Expert analyst Ted Pillows noted, “BTC failed to hold above the $65,000 level. Sellers are still active in this zone, and Bitcoin needs to reclaim it for stronger upside.”

Technical Analysis and Short-Term Outlook

Current technical indicators show that Bitcoin is trading above its 20-day and 50-day simple moving averages, but remains below its 100-day and 200-day SMAs. This chart pattern reveals that the recent price recovery does not yet signify a reversal of the broader downtrend initiated after reaching approximately $82,000 in May.

Furthermore, crypto analyst Axel Adler Jr. stated that the gap between Bitcoin’s price and short-term holder realized price is narrowing, giving more short-term holders a chance to break even. He explained that sellers might look to exit near $67,500 to minimize losses: “STH will start dumping into the market to close their positions at breakeven.”

Resistance Levels and Market Dynamics

Short-term resistance remains around the $67,500 to $67,600 range. The lack of support above current prices could lead to further declines, especially if Bitcoin drops below the Bollinger Band midline currently at $64,647 and back towards $63,360.

Additionally, Data from CoinGlass shows significant liquidation clusters clustered around $65,600 for potential upside, and $63,000 for downside risk. This dynamic leaves Bitcoin sandwiched between competing liquidity pools, where a breakout could accelerate momentum in either direction.

Conclusion

As the weekend approaches, Bitcoin’s price action may face volatility, particularly with U.S. spot Bitcoin ETFs and CME futures closed. Traders are advised to keep an eye on the short-term holder cost basis at $67,523, as overcoming this resistance is crucial for a more sustainable upward trend. The immediate bias remains cautiously hopeful provided Bitcoin can maintain above the $64,000 mark.