Bitcoin slipped below the $63,000 mark after a brief rally above $64,000 in the early session as investors stayed cautious and avoided aggressive bets on altcoins. The cryptocurrency was trading at $62,712.
In the past 24 hours, Bitcoin was down 0.57%, and Ethereum was down 0.51%, trading at $1,753. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano slipped up to 5.60%, whereas Tron was up 0.24%.
Also Read | Swiggy's foreign shareholding falls below 50%: What it means for investors
Vikram Subburaj, CEO of Giottus, said the broader crypto market also softened, with Bitcoin dominance holding around 58%, which suggests investors remain cautious rather than aggressively rotating into altcoins.
He further said that Bitcoin’s recovery remains constructive above $60,000, but not decisive. Investors should avoid chasing sharp intraday moves until ETF demand turns consistent and BTC closes above the $65,000-$67,000 resistance zone.
The global crypto market capitalisation edged down 0.82% to $2.16 trillion, according to CoinMarketCap. BTC climbed up to $64K, wiping out longs at the bottom and shorts at the top before stalling. The rally hit heavy resistance and limited momentum on the 4-hour and daily charts, hinting that the move is running out of steam, said CoinSwitch Markets Desk.
Ethereum and Bitcoin were up 9.69% and 5.75%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 14.22%.
Riya Sehgal, Research Analyst at Delta Exchange, said that Crypto is trading in a risk-off range, not a confirmed breakdown yet, and Bitcoin faced supply near the 4H 200 EMA around $63,850–$64,000, making this the first resistance zone for traders.
Market perspective
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin has remained resilient above the $60,000 mark despite geopolitical tensions, ETF outflows, and a softer first half of the year. The market’s ability to hold key levels amid multiple headwinds suggests that selling pressure is gradually becoming more measured, even as investors continue to adopt a cautious stance.
Also Read | Smallcap funds deliver 22% average return in 3 months. Is it time to invest, hold or rebalance?
Nischal Shetty, founder of WazirX: Bitcoin is trading near $62.9K, with the one-day technical outlook indicating a cautious short-term trend. Moving averages remain conservative, while momentum indicators remain largely neutral, suggesting the market is consolidating as traders await the next major catalyst.
Akshat Siddhant, Lead Quant Analyst, Mudrex: Bitcoin is consolidating near the $63,000 level after failing to sustain a move above the $64,500 resistance. Early signs suggest selling pressure may be easing, with spot Bitcoin ETFs recording a second consecutive day of net inflows totalling $265 million.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)
