Bitcoin traded near $65,000 on August 10 as traders weighed technical resistance against continued selling by large holders and corporate treasury firms. The pullback marked the latest tension point in a market caught between improving macroeconomic sentiment and persistent distribution by sophisticated holders.

BTC changed hands at approximately $65,206 after touching a two-week high near $65,393 overnight, according to LSEG data cited by Barron's. Weaker-than-expected U.S. employment data bolstered the recent recovery by diminishing expectations of another near-term Federal Reserve rate increase. Bitcoin has historically moved sharply in response to shifts in rate-hike expectations, as looser monetary policy tends to benefit risk assets. Nevertheless, the broader technical structure remained unsettled, with several analysts flagging lower highs and overhead resistance even as whale activity intensified.

Analysts Point to Bearish Technical Structure

Crypto analyst Rekt Capital noted that Bitcoin's chart is forming lower highs relative to its July upside wick, a pattern that could establish a bearish market structure. He drew a parallel to four years ago, when Bitcoin approached a bearish retest of the 50-month exponential moving average (EMA) before being rejected and declining further. He cautioned that a similar rejection at the 50-month EMA could precede additional downside. (X post)

Another analyst, Crypto Patel, stated he would only turn bullish on BTC if a higher-timeframe candle closes above $72,300. Until that level is decisively reclaimed, his bearish thesis remains intact, with a downside target below $50,000. (X post)

Crypto analyst Ardi highlighted a recurring symmetry in Bitcoin's market cycles, observing that pullbacks grew progressively deeper as the previous bull market matured. He argued this dynamic now appears to be reversing — while the broader macro trend remains bearish, counter-trend rallies have become increasingly steep as the bear market progresses. Ardi expects Bitcoin to decline further, potentially convincing market participants that prices are heading lower, before setting the stage for the next major rally. (X post)

Whale Offloads 7,513 BTC Over Three Weeks

On-chain analytics platform Lookonchain reported that a single Bitcoin whale sold an additional 1,019 BTC, worth nearly $66.4 million. This latest transaction brings the whale's total sales over the past three weeks to 7,513 BTC, valued at approximately $486.9 million. Large-holder selling during price recovery attempts is closely watched by traders, as sustained distribution can cap upside momentum even when retail demand improves. (X post)

Empery Digital Reduces Holdings to Fund Operations

Empery Digital sold 1,635 BTC for approximately $102.2 million between July 1 and August 6, according to its quarterly filings. (SEC filing)

The sales reduced the company's total Bitcoin holdings to 1,279 BTC. Of that amount, 954 BTC has been pledged against $35 million in debt, leaving only 325 BTC as unrestricted holdings — a sharp decline from the 1,375 unrestricted BTC held on June 30. Empery Digital also faces a potential $62.1 million commitment tied to the acquisition of a data center property. The company's Bitcoin sales were directed toward funding debt service, operations, and the data-center investment. The disclosure illustrates how some firms that adopted Bitcoin as a treasury reserve asset now face pressure to liquidate holdings to meet operational obligations, a dynamic that can add supply-side pressure to the market.