Bitcoin keeps failing at $65K: is a drop to $62.8K coming next?

Bitcoin price is trading near $63,000 after repeated failures above $65,000, with US spot Bitcoin ETF outflows and weakening short-term price action keeping $BTC under pressure.

According to SoSoValue data, US spot Bitcoin ETFs recorded about $131 million in net outflows on August 13, extending a run of withdrawals that has reduced one of Bitcoin's main sources of buying demand in recent sessions.

ARK 21Shares' ARKB led the latest withdrawals with roughly $58.8 million in net outflows. A day earlier, the funds lost another $61.1 million, including about $46.8 million from Fidelity's FBTC.

The selling followed an uneven start to the week. Spot Bitcoin ETFs posted $144.6 million in net outflows on August 10, followed by just $7.8 million of inflows on August 11 before withdrawals resumed over the next two sessions.

With ETF demand weakening, Bitcoin has struggled to hold its recent highs. CoinGecko data showed $BTC trading around $63,173 on August 14, down about 1.6% over the past seven days.

Price action over the same period shows $BTC trading above $65,000 several times between August 8 and August 10 before the market turned lower.

Bitcoin lost $64,500 on August 11, and subsequent rebounds have repeatedly stalled below $64,500, leaving the price close to $63,000.