Bitcoin traded near $65,100 on August 10, with analyst Michaël van de Poppe identifying $65,800 as the key weekly resistance level for a potential breakout. Bullish divergences on the MACD and RSI indicators support a move higher, with targets set at $73,700 and $82,900. However, spot demand remains weak as exchange reserves have risen to 2.71 million BTC, and 30-day netflows show only modest accumulation of $412 million.
Bitcoin price traded near $65,100 on August 10, hovering around a key resistance level. According to analyst Michaël van de Poppe, the critical level to watch is $65,800 on the weekly chart. He stated, “To me, there’s one critical level to break. That’s the weekly level at $65,800.”
Van de Poppe noted that a break above $65,800 would unlock further gains. The next targets would be $73,700 and eventually $82,900. He referenced bullish divergences on the three-day and weekly MACD indicators, as well as the RSI. A bullish divergence occurs when prices fall while the indicator moves higher, suggesting downside momentum is weakening.
Data from CoinGlass showed a negative netflow of $412 million over 30 days. Negative netflow indicates more withdrawals than deposits, often a sign of buying or transfers to private custody. However, the figure remains below levels seen during stronger accumulation periods.
Short-term netflow took a different course, generating a positive netflow of $182 million over 15 days. This increase in deposits to exchanges raises the availability of coins for trading. According to CryptoQuant, Bitcoin exchange reserves have risen to 2.71 million BTC.
Bitcoin price remains between recovering momentum indicators and low spot demand. A successful weekly breakout above $65,800 would increase the bullish probability. Otherwise, Bitcoin stays in its current range.
