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Bitcoin touched $65,000 for the first time since August 10, helped by a recovery in US equities despite continued US-Iran tensions around the Strait of Hormuz.
Bitcoin has risen from around $62,700 and tested the $65,000 level, with sellers becoming active around the $64,800-$65,200 zone.
Bitcoin briefly reclaimed the $65,000 mark as short covering and improving spot Bitcoin ETF flows supported a recovery in the cryptocurrency. However, analysts said the broader market is yet to show enough strength for a sustained breakout.
Bitcoin rose from around $62,700 and tested the $65,000 level, with sellers becoming active around the $64,800-$65,200 zone.
Riya Sehgal, Research Analyst at Delta Exchange, said the rebound was supported by short covering and improving spot ETF flows, which provided additional institutional demand.
“Bitcoin’s rebound is testing the $65,000 area. The move from $62,700 has pushed BTC higher, but sellers remain active around $64,800–$65,200,” Sehgal said.
She added that Bitcoin has reclaimed its major four-hour moving averages, keeping its short-term structure positive as long as the $63,800-$64,000 zone holds.
“Short covering supported the rebound, while improving spot ETF flows added institutional demand. However, the broader market has not shown enough strength for a clear risk-on breakout,” she said.
$65,000 remains a key resistance
Prateek Gupta, head of business at Mudrex, said Bitcoin briefly reclaimed $65,000 as broader risk sentiment improved following US President Donald Trump’s comments on the operation of the Strait of Hormuz.
However, he pointed to the rise in US Treasury yields as a key risk for cryptocurrencies.
“The macro backdrop remains challenging, with the 30-year US Treasury yield rising to 5.34%, its highest level since January 2007,” Gupta said.
According to Gupta, CryptoQuant data suggests that the latest move could be a “low-volume liquidity trap”, with the recovery driven largely by short covering rather than strong spot demand. Around 637 BTC were liquidated from short positions.
At the same time, US spot Bitcoin ETFs recorded $297.6 million in net inflows on Monday, their strongest inflow since May 5.
“Bitcoin’s immediate resistance stands at $65,000, while support has moved up to $64,000,” Gupta said.
Whales continue to accumulate Bitcoin
The CoinSwitch Markets Desk said Bitcoin touched $65,000 for the first time since August 10, helped by a recovery in US equities despite continued US-Iran tensions around the Strait of Hormuz.
“Oil prices remained relatively stable, but rising bond yields remain a key macro risk, with the US 30-year Treasury yield reaching 5.34%, its highest since 2007,” the desk said.
The desk also highlighted continued accumulation by large Bitcoin holders. According to its note, whales have accumulated around $2.64 billion worth of Bitcoin over the past two months, suggesting that some investors continue to buy during market dips.
“For momentum to strengthen further, BTC needs to hold above $65K; otherwise, it may continue trading within the $64K–$65K range,” the CoinSwitch Markets Desk said.
Ether also tests resistance
Ether has also recovered, moving up from around $1,870 and testing the $1,920-$1,925 resistance zone, according to Delta Exchange’s Sehgal. The next major trigger for both Bitcoin and the broader crypto market could come from the minutes of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting.
“Changes in rate expectations, Treasury yields or the dollar could determine the next move,” Sehgal said. For now, Bitcoin has regained some ground, but analysts believe it needs to decisively hold above the $65,000 resistance area to confirm that the rebound has further strength.
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August 19, 2026, 11:21 IST
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