Bitcoin remained below the $60,000 mark on Tuesday as traders now watch the US monetary policy outlook and institutional demand. The cryptocurrency was trading at the $59,437 mark.
In the past 24 hours, Bitcoin was down 0.91%, and Ethereum was up 0.76% to trade at the $1,591 mark. Among the major altcoins, BNB, XRP, Tron, Dogecoin and Cardano slipped up to 1.53%, whereas Solana and Hyperliquid were up 1.83% and 4.59%, respectively.
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Vikram Subburaj, CEO of Giottus, said Bitcoin tried to recover after last week's sharp correction. However, it remained stuck in a range, and investors continued to watch the US monetary policy outlook. They were also monitoring institutional demand. While selling pressure has moderated, the market is yet to find a strong catalyst for a sustained breakout.
Institutional flows remain mixed. US spot Bitcoin ETFs recorded a modest net inflow of around $69 million on June 29, breaking a series of heavy outflows seen in the preceding sessions, Subburaj further said.
The global crypto market capitalisation edged down 0.53% to $2.06 trillion, according to CoinMarketCap. Bitcoin ETFs are experiencing their most aggressive outflows ever, which has created significant short-term pressure on the crypto. Besides, US President Trump is expected to sign the Clarity Act, which could have a steering impact on the crypto markets, said CoinDCX Research Team.
CoinSwitch Markets Desk said that while some headwinds remain, including ongoing outflows from US spot Bitcoin ETFs and expectations that the Federal Reserve will keep interest rates elevated for longer, buyers are showing resilience.
In the past week, Bitcoin and Ethereum were down over 5% each. Among the major altcoins, BNB, XRP, Tron, Dogecoin and Cardano corrected up to 9.39%, whereas Solana and Hyperliquid were up 5.89% and 2.96%, respectively.
Avinash Shekhar, Co-Founder & CEO, Pi42, said Bitcoin is trying to stabilise around the $60,000 mark as improving geopolitical sentiment, following the announcement of fresh US-Iran talks, helped lift broader crypto markets. The rebound suggests that investors are responding positively to easing macro uncertainty, even as overall market participation remains measured.
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Market perspective
Piyush Walke, Derivatives Research Analyst, Delta Exchange: Bitcoin (BTC) is hovering at a key inflection point, with retail investors continuing to offload their holdings while institutional buyers remain on hold despite attractive valuations. As a result, the market remains range-bound, awaiting its next decisive move
Akshat Siddhant, Lead quant analyst, Mudrex: While easing geopolitical tensions have encouraged investors back into risk assets, weak spot demand has kept Bitcoin trading in a narrow range. Markets are now focused on Fed Chair Warsh’s speech at the ECB Forum and the upcoming US jobs report for clues on liquidity conditions in the second half of the year.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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