Bitcoin is trading just below a critical resistance zone despite a gradual recovery in demand in spot and futures markets. The technical outlook indicates that the $64,500 to $65,000 range remains decisive for the price direction in the short term.
Signs of recovery in demand came to the fore
According to TradingView data, Bitcoin is around $64,006. While the intraday increase remained at approximately 0.35%, this recovery followed a sharp pullback in the previous part of the year, when the price briefly approached $58,000.
Market data suggests that selling pressure may be starting to weaken. CryptoQuant, a research company known for its on-chain and market data, noted that the contraction in both spot and forward Bitcoin demand has slowed down significantly compared to June.
CryptoQuant Research Head Julio Moreno states that the contraction in spot and speculative Bitcoin demand has slowed down significantly compared to the levels in June, which indicates an improvement in market conditions.
CryptoQuant’s 30-day demand growth chart shows that both spot demand and futures positioning shifted to a less negative outlook towards the end of the month. Although this picture does not indicate a strong accumulation process, it does suggest that we have moved to a more balanced basis compared to recent months.
Liquidity zones can affect short-term movement
Liquidity areas stand out in short-term price movements. Analysts state that Bitcoin is moving within a falling channel and is stuck between two important liquidity pools. If one of these areas is tested, an increase in volatility may occur.
On the upside, the range between 64,450 and 64,520 dollars is noteworthy. Buy-side liquidity has accumulated above equal peaks in this region. If the price moves towards this area, it may first trigger stop orders, then profit sales or new sales pressure may come into play.
Below, the range between 63,620 and 63,700 dollars is observed as the demand zone. The accumulation of sell-side liquidity under the recent lows in this area may pave the way for buyers to step in again in case of a possible sag.
Pressure continues below $65 thousand
In the broader technical outlook, although Bitcoin has staged a strong recovery from the July lows, it is facing one of the most significant resistances of recent weeks. There is a distinct supply zone forming between $64,500 and $65,000 on the four-hourly charts. This area has been repeatedly sold off in previous bullish attempts.
Analysts state that if the range between $64,500 and $65,000 is not exceeded, the risk of correction towards $61,000 and then towards the $58,000 to $59,000 band technically remains on the table.
The formation of lower peaks in recent price fluctuations also indicates that the buying momentum is weakening. If there is a permanent close above $65,000, the current weak technical structure may deteriorate significantly and the $67,000 level may come to the fore again.
Indicators do not give a clear directional signal
The outlook for Bitcoin is classified as neutral in the TradingView technical summary. The signals on the platform are balanced at 9 buy, 9 neutral and 8 sell. While the RSI is in the neutral zone at 53, the MACD is generating a buy signal. On the other hand, Momentum and Bull Bear Power indicators point to a sell direction.
This chart shows that the market has not completely gained strength, but the recent weakening has calmed down to some extent. As long as Bitcoin remains below the $64,500 to $65,000 resistance zone, $61,000 and the $58,000 to $59,000 range will continue to be watched as support.
