Bitcoin traded near $65,100 on August 10 following another attempt to establish a foothold above key technical levels. Weekly timeframe resistance levels such as $65,800 carry particular significance in crypto markets, as weekly closes help define the prevailing trend structure that traders and algorithms alike reference. In an X post, analyst Michaël van de Poppe identified $65,800 as the critical weekly resistance that must be cleared for further upside.

BTC remained rangebound despite failing to convert the $65,000 level into support. Market attention centered on whether the cryptocurrency could close the week above its major resistance.

$BTC is ready for a breakout to atleast $73,700. To me, there's one critical level to break. That's the weekly level at $65,800. When I'm looking at the charts, I don't think we'll test lower as the arguments are simply not there. ➡️ The MACD of multiple #Altcoins look… pic.twitter.com/uZ9FlMjz4B
— Michaël van de Poppe (@CryptoMichNL) August 9, 2026

Why Bitcoin Needs to Clear $65,800

Van de Poppe stated that a decisive break above $65,800 would unlock further gains, with successive targets at $73,700 and $82,900.

The analyst pointed to momentum indicators across longer timeframes, noting that both the three-day and weekly MACD displayed bullish divergences. The MACD, or Moving Average Convergence Divergence, is a trend-following momentum indicator that compares moving averages of price to gauge directional strength. The RSI reflected the same pattern. A bullish divergence occurs when price declines while the indicator moves higher — a configuration traders interpret as evidence that downward momentum is weakening, though it does not guarantee an imminent reversal.

According to Van de Poppe, these signals are consistent with those generated during Bitcoin's bottoming process last year. He also noted similar momentum breakouts across several altcoins, suggesting the pattern extends beyond BTC.

Liquidity for long positions has been flushed out on more than one occasion, yet in each instance Bitcoin did not move lower. Van de Poppe anticipates heightened volatility if price breaks above $65,800 and short positions are forced to close. He set his first target at $73,700, while his second target of $82,900 sits near Bitcoin's 50-week moving average — a widely followed long-term trend benchmark that market participants use to distinguish between bull and bear regimes — a level he said would signal the end of the bear market.

Spot Flows Show Limited Demand

CoinGlass data showed a negative netflow of $412 million over a 30-day period. Negative netflow indicates that withdrawals exceeded deposits, which is often interpreted as a sign of net buying or transfers to private custody.

However, the figure remained below levels recorded during stronger accumulation phases. Over the preceding 50 days, negative netflow peaked at $1.10 billion — indicating outflows, but not at a magnitude typically associated with a robust bull market. This gap between improving technical momentum and lackluster spot participation is notable, as sustained breakouts historically require demand-side confirmation from spot buyers rather than reliance on derivative-driven positioning alone.

Short-term flows told a different story. Bitcoin recorded a positive netflow of $182 million over 15 days, meaning exchange deposits exceeded withdrawals. While net inflows to exchanges increase the supply of coins available for trading, the data alone does not reveal whether depositors intend to sell.

Rising Exchange Reserves Add to Available Supply

CryptoQuant data showed Bitcoin exchange reserves rising to 2.71 million BTC. The increase translates into greater coin availability for trading, although deposit inflows do not necessarily indicate holder intent to sell.

Investors frequently transfer Bitcoin to exchanges ahead of anticipated sales. Conversely, withdrawal flows typically involve moving assets to private wallets, custodians, or off-exchange custody solutions. The trend in reserves — whether rising or falling — is one of several on-chain metrics traders monitor alongside price action for evidence of shifting supply-demand dynamics.

Bitcoin's price remains caught between recovering momentum indicators and subdued spot demand. A successful weekly close above $65,800 would strengthen the bullish case; otherwise, the cryptocurrency is likely to remain within its current trading range.