Bitcoin pulls back from two-week high as weak demand clouds rally outlook

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Bitcoin retreated from a two-week high of $64,500, raising concerns about the durability of its recent gains. The cryptocurrency had posted an 8.4% advance through July, but momentum appears to be fading. Declining open interest in derivatives markets suggests traders are closing positions rather than building new ones. Weak spot demand has further added to skepticism about whether the rally can be sustained.

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