Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
The S&P 500 Index (SPX) has been trading near its all-time high, but Bitcoin (BTC) has gradually given up ground in the past few days. This suggests that supply exceeds demand in Bitcoin. According to Farside Investors data, spot Bitcoin exchange-traded funds have seen outflows for four of the five days since June 10.
However, analysts point out that long-term investors have not panicked and continue buying. Market intelligence firm Santiment shows that the number of wallets with 10 BTC or more has hit 16.6 million, the highest level since June 2022.
Although Bitcoin looks weak in the near term, it remains stuck inside a range and is likely to witness buying at the support. The longer the time spent in a range, the greater the force needed for the price to break out from it.
