Bitcoin is trading near $64,800 today, up nearly 1% as ETF inflows and cooling geopolitical tension support the market. Here’s where BTC could head next.
Bitcoin opened August 6 on a positive note, climbing 0.82% over the past 24 hours to trade around $64,800. The move continues a pattern that’s defined much of the past week: institutional demand through spot Bitcoin ETFs quietly doing the heavy lifting while broader market conditions stay mixed.
What’s Driving Today’s Move
The clearest tailwind behind Bitcoin’s gains is continued institutional buying through spot ETFs. U.S. spot Bitcoin ETFs pulled in roughly $211 million in net inflows over the past day, with BlackRock’s IBIT fund alone accounting for more than $170 million of that total. That kind of concentrated institutional demand has helped Bitcoin outperform much of the broader crypto market recently.
Bitcoin’s price action is also tracking traditional markets more closely than usual right now, showing roughly a 58% correlation with the Dow Jones Industrial Average. That relationship suggests macroeconomic sentiment — not just crypto-specific news — is playing a meaningful role in short-term price swings.
Geopolitical developments are offering some additional relief. Reports of progress in US-Iran negotiations have helped push oil prices lower, easing some of the risk-off pressure that’s weighed on assets like Bitcoin in recent weeks.
Where Bitcoin Could Go From Here
Analysts are watching a fairly tight range for Bitcoin in the days ahead, with most scenarios falling between $63,000 and $69,000 depending on how ETF flows and broader market sentiment develop.
Bullish case: If ETF inflows continue at their current pace and Bitcoin manages to clear resistance around $67,000, the next real target for buyers would be the $68,000–$69,000 zone, where the next significant pocket of liquidity sits.
Base case: Most current forecasts see Bitcoin holding somewhere between $64,000 and $67,000 in the near term, with traders closely watching ETF flow data, broader economic conditions, and legislative developments coming out of Washington.
Bearish case: If macro sentiment sours or ETF inflows slow down meaningfully, Bitcoin could retest support around $63,000. A break below that level would put the $62,500 zone in play as the next line of defense for buyers looking to keep the recent recovery intact.
The Bigger Technical Picture
Zooming out, Bitcoin remains in a somewhat cautious technical position. The 50-day moving average continues to act as resistance, an area BTC has struggled to convincingly break through over the past several weeks. The cryptocurrency also remains below its longer-term 100-day and 200-day averages, which keeps the medium-term trend looking corrective rather than firmly bullish.
Market sentiment gauges reflect this uncertainty. The Fear & Greed Index has recently sat in “Extreme Fear” territory, even as short-term price action has been modestly positive — a reminder that trader psychology and price movement aren’t always perfectly aligned in crypto markets.
What Different Forecasts Are Saying
Price predictions for Bitcoin this month vary widely depending on the source and methodology used. Some technical models point to a range as tight as $62,500 to $67,000 for the immediate term, while longer-range forecasts for the rest of August stretch anywhere from the high $50,000s to as high as $74,000, depending on how bullish or cautious the underlying assumptions are.
This spread highlights something worth keeping in mind: even among well-researched forecasts, there’s no clear consensus on Bitcoin’s near-term direction right now. Much depends on factors that are inherently difficult to predict, including ETF flow trends, Federal Reserve policy signals, and how global risk sentiment evolves over the coming weeks.
The Takeaway
Bitcoin’s move higher today is being driven largely by strong institutional demand through ETFs, along with a modest easing in geopolitical risk. Whether that momentum builds into a break above $67,000 or fades back toward the low $60,000s will likely come down to how consistent ETF inflows remain and whether broader market conditions stay supportive in the days ahead.
Frequently Asked Questions
Q: What is Bitcoin’s price today, August 6, 2026? Bitcoin is trading near $64,800, up approximately 0.82% over the past 24 hours.
Q: Why is Bitcoin rising today? Continued strong inflows into US spot Bitcoin ETFs, led by BlackRock’s IBIT fund, along with easing geopolitical tensions tied to US-Iran talks, are the main factors supporting today’s gains.
Q: What price level would confirm a bullish breakout for Bitcoin? A daily close above the $66,000–$67,000 resistance zone would likely open the door for a move toward $68,000–$69,000.
Q: What support levels should traders watch if Bitcoin falls? Immediate support sits near $63,000, with a secondary support zone around $62,500 if that level breaks.
Q: Is Bitcoin currently in a bullish or bearish trend? The trend remains mixed. Bitcoin is trading below its 100-day and 200-day moving averages, which points to a corrective medium-term structure, even though short-term price action and ETF demand have been modestly positive.
