Bitcoin traded near the $64,000 mark on Wednesday as the crypto market turned cautious ahead of US CPI data. The cryptocurrency was trading at $63,759 mark.
In the past 24 hours, Bitcoin was down 0.34% and Ethereum was up 0.98% to trade at $1,892 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin rallied up to 2.17% and Cardano was down 1.75%.
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Riya Sehgal, Research Analyst, Delta Exchange said crypto markets remain cautious ahead of the U.S. CPI release, with Bitcoin hovering near $64,000 as macro uncertainty continues to dominate sentiment. Technically, Bitcoin is attempting to stabilise after testing the $63,200 area, but the short-term structure remains weak while the price stays below the $64,180–$64,300 EMA cluster.
Sehgal further said that Ethereum has shown a stronger reaction from support near $1,850, but still needs to reclaim the $1,895–$1,920 region to confirm improving momentum.
The global crypto market capitalisation edged down 0.07% to $2.18 trillion, according to CoinMarketCap. The fear and greed index sticks to 37 as market sentiments remain under fear, said CoinDCX Research Team.
Vikram Subburaj, CEO, Giottus said Bitcoin traded near $63,700-$63,800 on Wednesday morning and was broadly flat, as investors avoided large positions ahead of the July US inflation report. Immediate support lies around $63,000-$63,200, followed by $62,500.
Investors should avoid chasing short-term moves before the inflation release. Staggered accumulation, limited leverage and disciplined position sizing remain preferable until Bitcoin clears $64,500-$66,000 with sustained ETF and spot demand, Subburaj further said.
In the past week, Bitcoin was down 0.61% and Ethereum was up 1.24%. Among the major altcoins, BNB, Solana, Tron, Dogecoin rallied up to 3.14% whereas XRP, Hyperliquid Cardano corrected up to 4.72%.
Prateek Gupta, Head of Business, Mudrex said Bitcoin has slipped to around $63,600 after failing four times to sustain moves above $65,000, with sellers stepping in after an intraday high near $65,300
Market perspective
CoinSwitch Markets Desk
Bitcoin has slipped back toward $63,500, trading down around 0.6% on the day and holding within the broad $62,000–$66,000 range that has contained it through much of the summer. After failing to sustain last week's push above $65,000, prices have drifted lower as traders position defensively ahead of the U.S. July CPI.
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Nischal Shetty, Founder, WazirX
The markets remain cautious, with total market capitalization broadly flat at $2.19 trillion and the Fear & Greed Index stands at 37. With Bitcoin near $63,800, price remains below an important resistance cluster. A sustained move above $64,000–$64,500 would strengthen the short-term structure, while rejection from this area would leave downside pressure intact.
Avinash Shekhar, Co-Founder & CEO, Pi42
Bitcoin is hovering around the $63,700 mark after testing lower levels, with the $64,000 to $64,600 zone emerging as an important hurdle for a stronger recovery. At the same time, ETF flows remain marginally positive, signalling that institutional interest has not disappeared despite softer momentum.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
