Bitcoin Tests $63,800 Support as Analysts Watch for Move Toward $67,000 or $60,000
Key Takeaways
- •Bitcoin has pulled back to the $63,800 support level after failing to surpass $67,000 earlier in the week.
- •Analyst Ali Martinez states that holding $63,800 could lead to a rebound toward $67,000, while a break could push Bitcoin down to $60,000.
- •Historical data shows August has been a weak month for Bitcoin, with the past four August periods ending in losses.
- •Small whales holding between 100 and 1,000 BTC have seen their positions turn profitable, a development that has previously preceded short-term price increases or larger rallies.
- •Analyst Rekt Capital warns that declining buy-side volume and repeated rejections near the $65,500 resistance level suggest growing bearish pressure.
Bitcoin’s price has lost momentum after a strong rally toward a monthly peak and has moved back near $64,000, putting it close to a level that analysts say could help determine its next direction. The pullback comes amid a period of sustained range-bound trading that has persisted for weeks, with BTC repeatedly testing defined upper and lower boundaries.
Popular analyst Ali Martinez outlined two possible scenarios for BTC depending on whether the asset holds or loses a key support area.
$67K Again or $60K?
Martinez told his more than 165,000 followers on X that Bitcoin has returned to the important $63,800 support level after failing to break through $67,000 earlier this week. According to the analyst, that level could determine whether BTC moves back toward the monthly high or falls toward $60,000, a level it reached several times in June and again in early July.
Keep an eye on Bitcoin $BTC at $63,800. If this level holds as support, I’m watching for a rebound toward $67,000. But if it breaks, the next downside target sits around $60,000. pic.twitter.com/kAn0hDIEmc — Ali Charts (@alicharts) July 25, 2026
Martinez’s recent assessment of the upcoming month also pointed to historically weak August performance for Bitcoin. As reported earlier, he cited data showing that August has often been difficult for the largest cryptocurrency. The past four August periods have ended in the red, and only three of the past 12 have produced gains. The last major August rally occurred nine years ago, when Bitcoin rose 65% during the 2017 bull run.
On the other hand, CW reported that small whales holding between 100 and 1,000 BTC have seen their positions turn green. The analyst said similar developments in the past have preceded short-term increases or larger rallies.
BTC Still Capped
Rekt Capital noted that Bitcoin’s recent breakout attempts have all been stopped around $65,500 on the weekly chart, the area where the 50-month EMA is positioned. He warned that BTC may be “developing a new multi-week lower high” following the latest rejection.
He also said declining buy-side volume suggests another bearish shift, with sellers becoming more active recently.
“The more seller-dominant the volume becomes while Bitcoin is at resistance, the greater the chances for a rejection from here,” he concluded.
