Bitcoin traded near the $65,700 mark on Thursday as AI-led inflation concerns capped gains despite strong ETF demand. The cryptocurrency was trading at the $65,770 mark.
In the past 24 hours, Bitcoin fell 0.2% and Ethereum was up 0.4% to trade at $1,924 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano gained up to 2%.
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Akshat Siddhant, Lead quant analyst, Mudrex said Bitcoin is consolidating around the $65,700 level as investors balance strong institutional demand against persistent macroeconomic headwinds. Heavy AI-related spending by major technology companies on data centres, power infrastructure, and advanced chips is adding to inflation concerns, keeping bond yields elevated and limiting upside for risk assets.
Geopolitical risks have also intensified after Iran's exports were blocked. Despite this, institutional interest remains resilient, with US spot Bitcoin ETFs recording a sixth consecutive day of net inflows, adding $203 million on Tuesday and taking the total to nearly $930 million, Siddhant further said.
The global crypto market capitalisation edged down 0.07% to $2.24 trillion, according to CoinMarketCap. Traders have begun to book profits as Bitcoin continues to face significant upward pressure while holding above $65,600, said CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were up 1.5% and 0.2% respectively. Among the major altcoins, XRP, Solana, Tron, and Cardano gained up to 6% whereas BNB, Hyperliquid, Dogecoin fell up to 12%.
Vikram Subburaj, CEO, Giottus said Bitcoin traded near $65,800 on Thursday, down about 1% over 24 hours, as the market consolidated after its recent advance. Immediate support lies around $65,500, followed by $65,000.
Exchange inflows have fallen to a fraction of their early-June peak, indicating that immediate selling pressure has eased. However, recent accumulation has concentrated among wallets holding 1,000-10,000 Bitcoin, while broader wallet participation remains limited, said Subburaj.
Market perspective
Nischal Shetty, founder, WazirX
Bitcoin is trading around $65,790, with the daily technical outlook remaining neutral as buyers and sellers stay evenly matched. Moving averages lean bullish, while mixed oscillator signals suggest traders are awaiting a decisive breakout.
Riya Sehgal, Research Analyst, Delta Exchange
In crypto, Bitcoin’s four-hour structure remains bullish above the $64,150–$64,950 support zone. A confirmed breakout above $67,200 could open the path toward $68,000, while a loss of $64,150 may expose $62,500–$63,000. Ethereum continues to show stronger relative momentum above $1,880.
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Avinash Shekhar, Co-Founder & CEO, Pi42
Bitcoin is trading at around $65,700 today after a modest pullback, as higher oil prices, expectations of elevated interest rates, and broader macroeconomic uncertainty weighed on investor sentiment. Despite the near-term pressure, the market continues to demonstrate resilience, with institutional participation and ETF flows providing a supportive backdrop.
CoinSwitch Markets Desk
Bitcoin’s rebound is approaching a key resistance zone near $70K, where profit-taking and selling from long-term holders could slow further gains. Bitcoin is currently trading around $66K, but demand remains uneven, leaving the market vulnerable to another pullback. At the same time, options traders have built nearly $2.5 billion in positions targeting $72K by the end of July, pointing to expectations of increased volatility around the upcoming Fed meeting.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
