Bitcoin struggles near $65,000 resistance as S&P 500 rallies to record highs amid improving macro conditions

Bitcoin climbs back above the critical $65,000 threshold on August 5, 2026, trading at $65,015.53 on Binance. The recovery is supported by renewed institutional inflows into spot ETFs, which topped $200 million over two days, and dovish signals from Federal Reserve officials hinting at a rate hike pause. However, the rally faces headwinds as the S&P 500 surges to record highs driven by AI stocks, leaving Bitcoin struggling to maintain momentum above its key technical resistance levels.

Bitcoin price above $65,000

• ▪Bitcoin's breakout above $65,000 followed a period of consolidation where it traded between $60,000 and $63,000 for most of the preceding two weeks.
• ▪Trading volumes for Bitcoin on major exchanges like Binance increased by approximately 15% over a 24-hour period ending August 5, 2026.
• ▪Bitcoin moved back above the $65,000 mark on August 5, 2026, trading at $65,015.53 on the Binance USDT market.

Federal Reserve policy signals

• ▪The Federal Open Market Committee kept its target interest rate range at 3.50% to 3.75% on July 29, 2026, in a split 9-3 vote.
• ▪Federal Reserve officials recently made comments hinting at a possible pause in interest rate hikes.
• ▪Federal Reserve officials Beth Hammack, Neel Kashkari, and Lorie Logan dissented from the July 29, 2026 decision, voting instead for an immediate 25-basis-point rate hike.

Institutional ETF inflows

• ▪U.S. spot Bitcoin exchange-traded funds recorded net inflows of over $200 million over a two-day period ending August 5, 2026, according to Farside Investors.
• ▪U.S.-listed Bitcoin exchange-traded funds registered a weekly outflow of $61.53 million, snapping a three-week streak of inflows, according to SoSoValue.
• ▪U.S. spot Bitcoin exchange-traded funds recorded more than $170 million in net inflows during a single trading session around August 5, 2026, with BlackRock's IBIT accounting for approximately $111.4 million.

On-chain accumulation metrics

• ▪Bitcoin's exchange-held supply fell to 5.6% of total supply in May 2026, marking the lowest ratio since 2018, according to Santiment.
• ▪The number of Bitcoin addresses holding at least 1 BTC reached a new all-time high as long-term holders accumulated the asset during recent price dips.
• ▪Wallets holding between 1,000 and 10,000 BTC controlled 21.3% of the total Bitcoin supply in May 2026, according to Santiment.

Technical resistance levels

• ▪Failure to hold above the $65,000 level could lead Bitcoin to retest its key support levels at $62,000 and $60,000.
• ▪For Bitcoin traders, the $65,000 level represents a critical support-turned-resistance zone, where a sustained close above it could open a path toward $68,000 to $70,000.