- Bitcoin has climbed above $64,000 as whale accumulation and stronger ETF inflows support BTC.
- A break above $66,000 could open the path toward $72,000 and $75,000.
Bitcoin price has moved back above $64,000 as whale buying and stronger ETF inflows support the recovery. BTC now faces a key test at $66,000, with a breakout potentially opening the path toward $72,000 and $75,000.
BTC gained more than 1% in the past 24 hours after holding the $62,300 support level. However, uncertainty around US interest rates remains a key risk for the broader crypto market.
Softer Inflation Supports Bitcoin Recovery
US inflation data has reduced expectations for another interest rate hike in September. The probability of a rate increase fell to about 30%, compared with roughly 76% a month earlier.
Annual US inflation also eased to 3.4% in July from 3.5% in June. The softer reading reduced pressure on the Federal Reserve to tighten monetary policy further.
Still, inflation remains above the Fed’s 2% target. This could keep policymakers cautious and limit Bitcoin’s upside in the short term.
Bitcoin ETFs also showed mixed activity last week. The funds recorded around $350 million in net outflows. However, they attracted about $137 million on Monday.
The broader August picture looks stronger. Bitcoin ETFs are currently on track for around $870 million in monthly net inflows.
If that figure holds, August would mark the strongest monthly result since April. It would also represent an increase of roughly 405% from July.
Bitcoin Whales Continue to Accumulate
Large Bitcoin holders have continued buying during the current consolidation.
Santiment data shows wallets holding between 1 and 100,000 BTC added a combined 10,000 BTC this month. The largest wallets in this group reportedly accumulated about 30,000 BTC within 17 days.
Whale accumulation can reduce the amount of BTC available for sale. It may also help strengthen support around key price levels. This buying could partly explain why Bitcoin has stayed above $60,000 for roughly 45 days despite difficult market conditions.
However, whale activity alone does not guarantee a sustained rally. Bitcoin still needs to clear a major resistance level before confirming a broader recovery.
Bitcoin Price Prediction as BTC Tests $66K
The $66,000 level remains the main resistance for Bitcoin. BTC has already faced two rejections from this area, making a daily close above it important for the bullish outlook. On the downside, $62,000 remains a key area to watch. A break below this level could expose Bitcoin to another test of $60,000.
Technical indicators also call for caution. The Relative Strength Index has fallen below its signal line, showing that buying strength has weakened. A decisive close above $66,000 could change the outlook. Bitcoin could then target the 200-day Exponential Moving Average near $72,000.
A confirmed breakout from the developing inverse head-and-shoulders pattern could push BTC toward $75,000. For now, Bitcoin remains range-bound between major support and resistance levels. ETF flows, whale activity and US interest-rate expectations could determine which level breaks first.
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