Bitcoin Faces Resistance at $65K-$67K Range Despite Recent ETF Inflows

Bitcoin has climbed back above $65,000 but faces a critical resistance zone between $65,000 and $67,000 that will determine its next significant move. Spot ETF inflows cumulated $763.6 million from August 3rd, providing institutional support, yet on-chain metrics suggest sustained bullish demand has not yet materialised. After Binance recorded elevated taker buyer volume on August 5th near $65,000, exhaustion set in, driving prices back toward $64,000 within 48 hours.

Long-term holder metrics show mixed signals. The 7-day moving average of the LTH SOPR stood at 0.92, indicating that long-term holder coins are trading at an average loss. However, Bitcoin trades 30% above the long-term holder cost basis of $49,300, while remaining 5% below the short-term holder cost basis of $67,500. A sustained move above $67,500 paired with an LTH SOPR reading above 1.0 would signal a potential trend reversal.

The daily chart structure remains bearish. The current bounce has not yet reached the 50% retracement level at $70,300, and could extend as high as $77,500-$82,800 while maintaining its bearish structure. Traders monitoring the shorter term are watching for a break above the $67,300 swing high from mid-June to confirm bullish positioning. The sideways trading range of $60,000-$66,500 in July merely extended the previous downtrend, making the $67,000 level a critical battleground for shifting market narrative.