On August 14, the leading cryptocurrency came under pressure again, dropping below the key level of $63,000. The asset updated lows last seen in early August, signaling a sustained downtrend in the market.
At the time of data recording, bitcoin is trading around $62,600, showing a daily decline of 1.5%. Notably, Ethereum is showing relative resilience: the second-largest cryptocurrency by market cap has remained nearly unchanged, holding around $1,860.
The dynamics of institutional investors deserve special attention. Spot bitcoin ETFs recorded a two-day streak of outflows for the first time since late July: on August 12 and 13, total withdrawals amounted to $192 million. This is a clear signal of cooling interest from major players.
It is telling that the crypto market decline is occurring against the backdrop of positive dynamics in stock indices. The U.S. Producer Price Index fell to 4.7%, which was better than forecasts, yet this macroeconomic positivity was not reflected in bitcoin's quotes.
At the same time, derivatives data indicate a persistent appetite for risk. Open interest in bitcoin on Binance has continued to grow since early July and now stands at $27.09 billion. This creates an interesting imbalance: futures positions remain high, while spot demand shows weakness.
The key reason for the current weakness is the lack of sustained spot demand and insufficient ETF inflows. Positive macroeconomic data are not leading to price growth, which increases the risks of margin position liquidations. An additional pressure factor is the potential supply surplus in the zone of holders' short-term cost basis—around $68,700.
Earlier, analysts warned of a possible pullback to $58,500, and the current dynamics confirm the validity of these concerns.
My comment: The market is in a consolidation phase where the macroeconomic backdrop has ceased to be a growth driver. Until spot buyers return and open interest corrects, pressure on bitcoin will persist. The key support level is $60,000, and a break below it could open the door to a deeper correction.