EL7.AI
CryptoMediumUpdated×4•Originally published 11 August 2026•Updated 12 August 2026•
1 min read

Bitcoin Faces Selling Pressure After Hitting Local Top at $65,400

Key Facts

1Bitcoin futures carry trade yield reached 7.89%, exceeding the 4.19% yield on two-year US Treasury notes.
2US spot Bitcoin ETFs attracted $865 million in inflows during the week.
3BlackRock's IBIT fund accounted for approximately 80% of the total inflows.

Following a period of anticipation for an upward breakout, the digital asset market saw a notable reversal as Bitcoin's price fell by $2,250. This decline occurred after the world's largest cryptocurrency hit a local top of $65,400, suggesting significant resistance at higher levels that triggered profit-taking according to analyst reports.

This price volatility occurs as Bitcoin-linked derivatives continue to outperform traditional debt, with futures carry trade yields reaching 7.89% compared to 4.19% for 2-year US Treasuries. Simultaneously, major players like BlackRock have enhanced market access by slashing investment minimums, bolstering liquidity.

Traders should now monitor current support levels following the recent pullback, with the $59,000 to $61,000 range serving as the primary floor against further declines. Looking ahead, the upcoming US Initial Jobless Claims will be a critical macro catalyst to watch, as shifts in interest rate expectations could dictate whether Bitcoin can recover to retest its recent local highs.