BTCUSD: Liquidity sweep or bull trap near $64,000?

BTCUSD: Liquidity sweep or bull trap near $64,000?
News:
Bitcoin is trading near $64,000 as the market remains pulled between improving ETF demand and fragile risk sentiment.

ETF inflows have improved, with roughly $273M added over the past two weeks, but the rebound is still modest relative to the recent outflows.

At the same time, oil prices remain elevated on renewed Middle East tensions, and the AI-led selloff continues to pressure risk assets. That keeps BTC vulnerable even though medium-term demand is still constructive.

Technical Analysis:
BTC is testing the $64,000 area after a sharp rejection from the $64,600–$64,750 zone.

Price remains below the 9 EMA, 20 EMA, and 50 SMA on the 1H chart, while the 200 SMA near $63,950 is acting as the key short-term support.

MACD remains weak and below the zero line, while RSI near 44 shows that momentum has not fully recovered yet.

Key levels:
Support: $63,850
Major support: $62,750
Resistance: $64,800
Major resistance: $65,380

Bullish scenario:
If BTC holds above $63,950 and reclaims $64,500–$64,750, buyers may attempt another move toward $65,225–$65,380.

Bearish scenario:
A failure to hold support near the 200 SMA would weaken the structure and expose $62,750, the next major liquidity zone.

Conclusion:
BTC is at a decision point. ETF inflows support the medium-term outlook, but weak momentum and fragile risk sentiment make confirmation above $64,750 essential.