TLDR
- Bitcoin briefly topped $65,000 on Aug. 10 before slipping back below that level.
- SoSoValue tracked $854 million in weekly Bitcoin ETF inflows, led by BlackRock’s IBIT fund.
- Weak July jobs data lowered expectations for another Federal Reserve rate hike.
- Analyst Michaël van de Poppe called $65,800 a “critical level” with a $73,700 target.
- Bitcoin miner MARA pledged 18,750 BTC instead of selling coins to raise cash.
Bitcoin pushed past $65,000 in early trading on Aug. 10 before falling back below that level. The move extended a recovery that started after weak U.S. jobs data last week.
BTC traded near $64,955 at the time of writing. That was up 0.3% over 24 hours and 3.4% over the past week.
The rally follows a report showing the U.S. economy lost 23,000 jobs in July. Unemployment held near 4.1%, according to the Bureau of Labor Statistics.
Traders read the weak jobs data as a sign the Federal Reserve may not need to raise rates again soon. The Fed held its rate range at 3.50% to 3.75% on July 29, though three officials wanted a hike.
Institutional demand has also picked up. SoSoValue reported $854 million in net inflows into U.S. spot Bitcoin ETFs between Aug. 3 and Aug. 7.
BlackRock’s IBIT fund led those inflows with about $694 million. The gains reversed a weaker flow trend seen at the end of July.
ETF Inflows and Whale Behavior
On-chain data also points to a shift. Bitcoin’s 30-day demand has turned positive near 25,000 BTC after deeply negative readings in June, according to CryptoQuant data.
Much of that demand is coming from derivatives markets rather than spot buyers. Futures-led rallies have reversed quickly in the past when spot demand failed to follow.
Mining company MARA is also limiting sell pressure. The firm pledged 18,750 BTC, worth about $1.2 billion, to raise $600 million instead of selling coins outright.
That is a change from earlier in the year. MARA sold 23,093 BTC during the first half of 2026, and it now has 53% of its June holdings pledged as collateral.
Resistance Levels in Focus
Bitcoin faces a resistance zone between $65,000 and $67,000, where the one to three month realized price sits. Analysts have pointed to this range as a bottleneck in earlier coverage.
A further hurdle sits near $72,000, where the three to six month holder cohort’s cost basis is located. Clearing both levels would require stronger spot buying to absorb potential selling.
Trader Michaël van de Poppe addressed the setup on X on Aug. 9. He called $65,800 the “critical level” and said Bitcoin was “ready for a breakout to at least $73,700,” pointing to bullish divergence in RSI and MACD readings on longer timeframes.
Technical indicators show a similar picture. The Relative Strength Index stood at 55.07, above the neutral 50 mark, while the Awesome Oscillator read positive at about 664.19.
The next major catalyst is due Wednesday, Aug. 12, when the U.S. releases July inflation data. Economists surveyed by Reuters expect headline CPI to slow to 3.4% annually, with core inflation easing to 2.5%.
