PANews reported on August 19 that Deribit analyst Anand Raj said on the X platform that Bitcoin is still under the control of the $61,700 supply zone. This resulted in a demand zone break on the lower time frames. Furthermore, despite the latest 13F filing showing major asset managers’ exposure to the U.S. Bitcoin Spot ETF, bullish sentiment has not improved significantly. As such, Bitcoin’s price may continue to face resistance from supply zones on higher time frames, suggesting further downside is possible.
