Bitcoin is starting August 5 on steady ground after another day of mixed signals. The BTC price is up 0.62% to $64,271.17 over the last 24 hours, doing better than the rest of the crypto market as institutional buying offsets a wave of bearish news.
On August 4, more than $170 million flowed into U.S. spot Bitcoin ETFs. BlackRock’s IBIT alone pulled in $111.43 million. That gave buyers fresh support after Bitcoin bounced from the $62,200–$64,000 range.
The Bitcoin price is also still moving in step with traditional markets, 63% correlated with the S&P 500 and 58% with gold. So macro trends still matter.
Despite fresh worries about exchange inflows and regulatory uncertainty, a few things could decide where Bitcoin ends the day: ETF demand, easing tensions in the Middle East, and improving risk sentiment overall.
What you'll learn 👉
What Is Affecting the Bitcoin Price Today?
The Bitcoin price is dealing with both bullish and bearish catalysts.
The biggest source of demand comes from spot Bitcoin ETFs. Net inflows exceeded $170 million on August 4, almost matching the entire month of July, with BlackRock’s IBIT contributing $111.43 million. That buying has helped absorb selling pressure and supported Bitcoin’s recovery above $64,000.
Macro news has also improved. Reports indicate the United States and Qatar are making progress toward restoring the Iran ceasefire and reopening the Strait of Hormuz. A successful agreement would reduce geopolitical risk, improve overall market sentiment, and support risk assets such as Bitcoin. Positive developments around the CLARITY Act would also strengthen investor confidence.
Not all news has favored the bulls. Market participants are digesting confirmation that 1,596 BTC were stolen in the Coldcard exploit, around 32,000 BTC moved onto exchanges in one day, FalconX reduced its workforce by 10%, and Hashdex is closing one of its Bitcoin ETFs. Bernstein also warned that another delay to the CLARITY Act could trigger fresh selling.
There was also encouraging news from Michael Saylor, who said Strategy has been working with major institutions since 2020 to strengthen Bitcoin’s security against future quantum computing risks. The comments helped calm one of the narratives weighing on investor confidence.
What the Bitcoin Chart Is Saying
We had a look at the Bitcoin chart, and buyers have regained control after defending support around $62,600, marked by the recent swing low. That level has already rejected sellers once and remains the most important short-term support.
The Bitcoin price has printed a series of higher lows and climbed back above $64,000. That tells us demand is still soaking up selling pressure.
The next levels to watch are $64,500, then $65,000. Above that, the big one is still $66,700, the area where Bitcoin got rejected earlier in July.
Momentum looks positive but is getting stretched. The Stochastic Oscillator is at 98.23, deep in overbought territory. Buyers have clearly been in control lately. The Ultimate Oscillator sits at 58.21, above the neutral 50 line, so bullish momentum is still intact but not overheated.
Put together, this looks like a market that still favors buyers, but we could see a pause before any real breakout attempt.
Related Bitcoin News: Here’s the Bitcoin Price If the Fed Cuts Rates in September
Bitcoin Price Prediction for Today (August 5)
If things go well for buyers, we are looking at $64,800–$65,200. More ETF money, progress on an Iran ceasefire, or positive talk around the CLARITY Act could give Bitcoin enough fuel to test that next resistance zone. Push past $65,200, and $66,000–$66,700 comes back on the table.
The most likely path is a sideways drift between $63,800 and $64,800. Buyers are still in control, but the Stochastic is overheated and there is heavy resistance overhead. So upside may be limited until something new moves the needle.
The bearish side kicks in if bad news drowns out institutional demand. Big exchange inflows, more regulatory uncertainty, or weak macro data could push the Bitcoin price back toward $63,200. From there, $62,600 is the key floor. Lose that, and $62,000 comes into play, wiping out most of this week’s gains.
Frequently Asked Questions
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
