Bitcoin hovers near $63,000 as US spot ETF outflows and key resistance weigh

ETF outflows intensify

Data from SoSoValue show that US spot Bitcoin ETFs recorded net outflows of approximately $131 million on August 13. These withdrawals continued a streak of outflows that began earlier in the month, with significant sell-offs by major products. ARK 21Shares’ ARKB led the latest exodus by recording around $58.8 million in net outflows. Fidelity’s FBTC and other funds saw another $61.1 million withdrawn a day earlier, including $46.8 million exiting from FBTC.

The trend gained momentum after uneven flows at the beginning of the week. Net outflows totaled $144.6 million on August 10, followed by a modest $7.8 million in inflows on August 11, before withdrawals accelerated again in subsequent sessions. The persistent outflows have reduced one of Bitcoin’s key demand drivers, putting additional pressure on market price.

Net outflows from US spot Bitcoin ETFs reached $131 million on August 13, extending a sustained period of withdrawals that highlight weakening institutional demand.

CoinGecko data show Bitcoin traded near $63,173 on August 14, down about 1.6% over the previous seven days. Price action in the past week repeatedly saw BTC temporarily break above $65,000 before sellers pushed it lower.

Key resistance and liquidation zones

Bitcoin slipped below $64,500 on August 11 and has struggled to regain this level since then. Attempts to rebound have repeatedly stalled beneath $64,500, holding the price in the $63,000 range. US inflation data offered some temporary relief, as July’s headline inflation declined to 3.4% from 3.5% and core inflation fell to 2.5% from 2.6%. Although Bitcoin briefly moved higher following this data, it quickly lost momentum and failed to sustain a move above $64,000.

As a result, the $64,000 to $65,000 area remains the primary resistance zone blocking a renewed push higher. Over the past week, Bitcoin has been stuck within a $62,000 to $66,000 trading range.

Analysis of Coinglass’ 24-hour liquidation heatmap as of August 14 identified large concentrations of leveraged positions, or liquidation clusters, around $62,750 to $62,900 and $62,300 to $62,500. Above the current price, significant clusters appeared around $63,700 to $64,050 and near $64,500 to $64,650.

This configuration leaves major liquidity sources on both sides of Bitcoin’s current price, but the largest concentration sits just below $63,000. Should the market dip further, the $62,800 region could become the focal point before any recovery attempts another challenge above $64,000.

Mini dictionary: Liquidation cluster, a group of leveraged trading positions in a concentrated price area, where sharp market moves can trigger forced liquidations, causing high trading volume and volatility.

Bitcoin’s active liquidation clusters near $62,800 and $64,500 signal increased volatility risks in these zones and highlight the importance of these levels for both buyers and sellers.

Technical analysis: Resistance and support levels

On the daily chart, Bitcoin has dropped below three key anchored VWAP levels at $63,415, $64,024 and $64,634, leaving all three as potential resistance areas. A move above $63,400 would place focus on the next VWAP at $64,024 and the overlapping liquidation zone between $63,700 and $64,050. Clearing these would put $64,634 as the next test, with another strong liquidation cluster from $64,500 to $64,650 that could stop further upward momentum.

Momentum indicators underscore the challenging outlook. The daily Stochastic RSI shows a reading deep in oversold territory, with the %K line at 10.11 and %D at 17.95. While this signals short-term momentum may be stretched to the downside, no confirmed bullish reversal has appeared so far.

On the 4-hour chart, Bitcoin traded at $63,128, which is below the Keltner Channel basis at $63,639 and just above the lower Keltner band at $62,777. The upper band remains at $64,502. That lower band closely aligns with the $62,750 to $62,900 liquidation cluster.

If BTC falls under $63,000, downside targets include $62,800, followed by the $62,300 to $62,500 liquidity area and the broader $62,000 support zone. The 4-hour Money Flow Index was at 47.99, suggesting balanced buying and selling forces near the lower end of the channel.

Upside recovery would require Bitcoin to reclaim $63,639, then challenge $64,000 and the upper Keltner band around $64,502. Moving beyond the $64,650 resistance could open a direct test of $65,000, while breaking above $65,000 would put the $65,500 to $66,000 region in focus. Failure to hold support near $62,777 could expose the cryptocurrency to further declines toward $62,500 or $62,000.