Bitcoin was hovering near the $64,000 mark on Tuesday, extending the consolidation phase that has defined much of June. The cryptocurrency was trading at the $63,396 mark.
In the past 24 hours, Bitcoin fell 1.23%, and Ethereum fell 1.50% to trade at the $1,711 mark. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano went down by up to 4%, whereas Tron was up 1.18%.
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The world’s largest cryptocurrency remained under pressure from a cautious macro environment. However, recent price action suggests buyers are still defending key support levels, which has helped prevent a deeper decline despite ongoing uncertainty, said Vikram Subburaj, CEO, Giottus.
He further said that investors should closely monitor the $63,200 support level and the $65,500-$66,000 resistance band, and a sustained breakout beyond either range is likely to determine the next major directional move for the crypto market.
The global crypto market capitalisation went down 0.64% to $2.18 trillion, according to CoinMarketCap.
Akshat Siddhant, Lead Quant Analyst, Mudrex, said although ETF outflows continue to weigh on sentiment, on-chain data paints a more constructive picture, with network activity rising sharply and Bitcoin exchange balances falling to levels last seen in 2019.
In the past week, Bitcoin and Ethereum were down 3.98% and 2.86%, respectively. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano fell by up to 11%, while Tron was up 4.35%.
Avinash Shekhar, Co-Founder & CEO, Pi42, said Bitcoin briefly reclaimed the $65,000 level before easing back toward the $63,000 range, highlighting the continued volatility and cautious sentiment across crypto markets. While Bitcoin’s recovery remains intact, analysts continue to monitor whether the current rebound can sustain momentum or if it risks turning into a failed breakout.
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Here is what other analysts say
WazirX market desk: Bitcoin trades near $64,137, with RSI improving to 41.62 as short-term momentum stabilises. A new debate over quantum-resistant security highlights Bitcoin’s ability to upgrade to withstand future threats, strengthening confidence in its long-term network durability.
Piyush Walke, Derivatives Research Analyst, Delta Exchange: Bitcoin briefly touched the $65,500 resistance level but failed to sustain its momentum above it, facing rejection near the 21-day EMA and retreating lower. Bitcoin is trading above the $63,000 to $63,650 support area. A firm move above $66,000 could open the way toward the $68,000 resistance zone.
( 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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