Bitcoin is testing a wall at $65,400, and the market's patience is wearing thin. The level has been probed repeatedly, only to produce fakeouts each time. Analyst Doctor Profit calls the setup the 'Old Man's Punch' — a trap that lures buyers in before slapping them back down. He wants to see several weekly closes above $65,400 before calling it a real breakout.
The $65,400 wall
Bitcoin has spent the past few weeks bouncing inside the same $58,000–$74,000 range it occupied through 2024. The accumulation zone sits between $54,000 and $64,000, and Doctor Profit argues the bottom is forming right inside that old box. If the resistance holds, the next stop could be $61,500, with further downside toward $54,000. If it breaks, the analyst sees clear air up to $77,000–$78,000 and then $83,000.
Market psychology has shifted, too. Fear of missing out now outweighs fear of a crash, which could speed up accumulation. But a bottom doesn't form overnight. Doctor Profit notes that a market bottom can take months to develop, not just days or weeks.
ETF inflows hit a 2026 high
US-based spot Bitcoin ETFs just wrapped their strongest week since April. Inflows totaled $853.54 million over five straight days, with daily numbers of $170M, $211.49M, $244.42M, $128.69M, and $98.85M. That weekly total beat the combined inflows of the previous four weeks — a clear sign that institutional money is stepping in even as retail traders get shaken out.
The timing isn't accidental. With the price pinned below $65,400, some funds are treating the dip as a buying opportunity. Whether that's enough to push through the resistance remains the open question.
CPI and PPI loom
The next big test isn't on the chart — it's on the calendar. CPI inflation data lands Wednesday, August 12, followed by PPI on Thursday, August 13. Doctor Profit calls CPI the main event, noting that markets are pricing in hike risk rather than cuts. That's a sharp reversal from earlier this year, when rate cuts seemed like a given.
The FOMC doesn't meet until September 16, so traders will have to react to the inflation reports without fresh Fed guidance. A hot CPI print could send Bitcoin back toward $61,500 or lower. A cool one might give the bulls the fuel they need to finally clear $65,400.
For now, the range holds. The fakeouts are getting old, but the ETF money keeps flowing. The next few days will tell whether the 'Old Man's Punch' lands or gets dodged.
