Bitcoin broke through the $63,000 support: bearish signals intensify amid weak demand
On August 14, the leading cryptocurrency once again came under pressure, breaking through the psychologically important level of $63,000. The asset pulled back to early August lows, indicating that corrective sentiment persists in the market. At the time of price fixing, bitcoin is trading around $62,600, showing a daily decline of 1.5%.
Notably, ether is showing relative resilience amid the flagship's decline. The second-largest cryptocurrency by market capitalization has barely changed in price, holding near the $1,860 mark. Such divergence may signal a redistribution of capital between assets, but it is premature to talk about a full-fledged altcoin rally.
Institutional demand weakens
A key worrying signal was the resumption of outflows from spot bitcoin ETFs. For the first time since late July, investors recorded a two-day streak of capital withdrawals: on August 12 and 13, total outflows amounted to $192 million. This suggests that institutional players are not yet ready to increase their bitcoin exposure, despite favorable macroeconomic data.
Particularly telling is the contrast with the stock market, which responded with gains to the slowdown in producer price inflation to 4.7% — a figure below consensus forecasts. However, the crypto market ignored this positive signal, underscoring its current weakness and lack of growth catalysts.
Imbalance in the derivatives market
Analysts at the Japanese company XWIN Japan draw attention to a dangerous imbalance between the spot and futures segments. Open interest in bitcoin on Binance has continued to rise since early July, reaching $27.09 billion, yet spot demand remains sluggish. This configuration creates elevated risks: in the absence of positive triggers, leveraged positions may begin to close en masse, amplifying downward pressure.
An additional risk factor is the potential supply overhang in the zone of short-term holders' cost basis around $68,700. This means that a significant portion of market participants is "in profit," increasing the likelihood of profit-taking on any local rise.
Recall that earlier Glassnode analysts warned of the possibility of bitcoin pulling back to $58,500. Current dynamics fit this scenario well, especially if ETF outflows continue.
My comment: The market is caught in a trap between a positive macro backdrop and the absence of real liquidity inflows. Until spot buyers show activity, any attempts at growth will be perceived as an opportunity to sell. The key support level now is the $60,000–$61,000 zone, and losing it would open the door to a deeper correction.