Bitcoin pushed to around $63,500 after a six-day rally. But don’t pop the champagne just yet.
Wintermute and Bitfinex are both flagging weak ETF demand. The summer lull is real — thinner liquidity makes price swings easier but also harder to sustain. K33 Research dropped a sobering stat: about 50% of Bitcoin’s circulating supply is currently at a loss. That means half the holders bought above current prices.
The rally happened on low volume. That’s not inherently bearish, but it does mean the move lacks conviction. If real buying pressure doesn’t show up, don’t expect a breakout that sticks. Summer markets tend to drift more than they trend.
Still, $63,500 is a meaningful level. It’s above recent range lows. The question is whether Bitcoin can hold here when September rolls around and institutional activity picks back up. For now, it’s a waiting game.
