Bitcoin unlikely to hit $70K in August, with traders expecting a range-bound month.

Traders on Polymarket estimate only a 27% chance that Bitcoin will reach $70,000 in August, while a 40% chance exists for a drop to $60,000. Bitcoin is currently trading around $64,333, close to $65,000 which has a 90% probability of being touched. The market shows low confidence in a strong rally, with probabilities for higher price points dropping sharply. Downside risks are more prominent, with a 71% chance of dipping to $62,500. Bitcoin has declined significantly since its October 2025 peak above $126,000, affected by a sell-off and outflows from US spot bitcoin ETFs. The Federal Reserve's steady interest rates and the upcoming Jackson Hole symposium are key factors influencing market sentiment. Overall, the outlook suggests a cautious, range-bound trading environment for Bitcoin in August.