Bitcoin’s Four-Week Winning Streak Faces Test as Demand Softens

Is another leg down looming for BTC after the rejection at $67,000 last week? Bitcoin extended its positive run last week with a minor 1% weekly gain, marking its fourth straight weekly advance for the first time since April. Even so, the rally showed signs of losing momentum after a sharp midweek reversal weakened buying pressure. The cryptocurrency climbed to a weekly high of $67,000 on Tuesday before dropping 5% as short-term holders sold near their breakeven level. The decline reinforced resistance overhead and showed that buyers are still struggling to push Bitcoin beyond its recent trading range. Institutional Demand Remains Under Pressure According to the latest Bitfinex Alpha report, the short-term holder cost basis has stabilized near $68,500. The metric had gradually moved closer to spot prices over the past month. Analysts said this level has become a key resistance area that will likely require stronger demand for Bitcoin to break above it. So far, that demand has remained limited despite recent ETF inflows. The report said institutional participation continues to weaken. Specifically, CME Bitcoin futures fell below $6 billion, while options reached a September 2023 low...