Bitcoin’s rebound from the $62,268 low is approaching a $65,700-to-$67,300 resistance band that could determine whether the recovery develops into a larger daily-chart advance or fades into another move lower. A market report tracking the move places the first major upside barrier at $67,300, followed by a more consequential supply zone between $69,500 and $71,000.
Bitcoin had climbed to about $65,474 after eight trading days of gains from the Aug. 1 low, according to the report. The move follows a decline from $66,955 to $62,268, which the analysis divides into five smaller four-hour segments. Overlap between several of those segments created a consolidation area around the lows, suggesting that the selling pressure had become less directional before buyers returned.
The immediate test is whether Bitcoin can hold above nearby support while pressing into resistance. The report identifies $63,600 to $64,000 as the first support range, followed by $60,950 to $61,500. A break below those levels would place attention back on the July 1 low near $57,820.
A recovery within a larger corrective pattern
The current rebound sits inside a broader daily corrective sequence that began after Bitcoin reached $82,850 on May 6, the report said. That pullback has so far unfolded in six legs, under the report’s wave-based chart framework.
The first rebound leg, labeled the a-wave, rose from $57,820 to $66,955 over 21 trading days, a gain of 15.8%. The following b-wave then erased part of that advance, falling 7% over 11 trading days to reach $62,268. The c-wave began on Aug. 1 and remains active.
Such a structure leaves Bitcoin in a technically awkward position. The rebound has been strong enough to lift prices from the latest low, but it has yet to recover the June and July highs. A sustained move through $67,300 would improve the case for a test of $69,500 to $71,000, while failure near the current band would preserve the pattern of lower highs seen since May.
The report’s trading framework treats the $69,500-to-$71,000 area as a zone where sellers could reappear if momentum weakens. It said short exposure had been reduced to below 20% while Bitcoin remained below a “long-short channel,” with plans to raise bearish exposure toward 50% only if prices reach that higher resistance area and show clear signs of stalling.
That approach reflects the narrow conditions of the current market rather than a conviction that a reversal is already under way. Bitcoin has recently moved between sharp declines and slow recoveries, leaving little room for positions that rely on a sustained trend without clear confirmation.
Options and ETF flows add to the market backdrop
The same report put Bitcoin options open interest near $25.33 billion during the second week of August, with call options accounting for about 60% of outstanding contracts. Calls give their holders the right to buy Bitcoin at a set price, and their larger share of open interest indicates that a greater portion of positioned options activity is pointed toward upside exposure.
Open interest alone does not establish a bullish market view. Options can be used to hedge spot holdings, structure range trades, or offset other derivatives positions. Yet the concentration of call contracts adds another layer to a market already testing a clearly defined resistance zone.
The report also said spot Bitcoin exchange-traded funds recorded $853.5 million in net inflows during the five trading days through Aug. 7. It attributed roughly 81% of the fresh daily inflows to BlackRock’s primary Bitcoin fund.
Those flows provide evidence of continued demand through regulated funds despite the recent price stall. They do not eliminate downside risk around technical resistance, but they offer a contrast with periods when declining prices have been accompanied by broad withdrawals from listed Bitcoin products.
HYPE tests a converging support area
HYPE is showing an earlier-stage rebound setup after reaching a support area where three technical references converged: the lower boundary of a falling channel, a long-term rising trendline, and the $50-to-$52 horizontal price band.
The token has traded in a descending channel since peaking at $76.94 on June 16. The report drew the channel’s upper boundary through the June 16 and July 7 highs, while its lower boundary extends from the June 25 low. HYPE’s Aug. 2 pullback brought the price into the lower edge of that structure.
A separate rising trendline from HYPE’s Jan. 21 low also crossed the same area. The trendline had previously been tested on Feb. 24 and May 14, making the $50-to-$52 range a more closely watched support zone than a single horizontal level alone.
The first resistance range stands at $58.50 to $60, according to the report. Above that area, HYPE would need to clear the upper boundary of its falling channel before traders could argue that the decline from the June peak has been broken. The report also marked about $72.97 as a higher resistance level, while placing the next major support near $45 if the $50-to-$52 area fails.
The HYPE setup remains more fragile than Bitcoin’s recovery because it is attempting to bounce from the floor of a downtrend rather than challenge a recent high. A rebound that cannot reclaim $58.50 to $60 would leave the falling channel intact and keep pressure on the $50 support area.
Risk limits remain central in a compressed market
The report outlined conditional rather than immediate trade setups. One scenario involved looking for a short position only after Bitcoin breaks above $67,300, reaches $69,500 to $71,000, and then loses momentum. Another considered a smaller long position if Bitcoin returns to $63,600 to $64,000 and stabilizes.
It also described a previous 1x-leverage Bitcoin trade that entered at $62,753 and exited at $64,183, producing a reported 2.28% gain. The position used a stepped stop-loss method that moved protection to breakeven after a 1% gain and raised it further as the trade advanced.
For HYPE, the report centered risk planning on the $50-to-$52 support zone. A decisive loss of that area would weaken the bounce thesis and expose the token to the next support near $45, while a move toward the upper channel boundary would show whether buyers can turn a local recovery into a broader trend change.
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