Bitcoin hovers near the $63,000 mark as weaker ETF demand and cancelled SEC meeting dampen the crypto market sentiment. The cryptocurrency was trading near the $63,086 mark.
In the past 24 hours, Bitcoin and Ethereum were down 0.7% and 0.3% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Cardano fell upto 1.1%.
The global crypto market capitalisation edged down 0.4% to $2.24 trillion, according to Coingecko.
Riya Sehgal Research Analyst Delta Exchange said the crypto markets remain cautious, with Bitcoin hovering near the $63,000 mark as weaker ETF demand and renewed regulatory uncertainty limit risk appetite.
Sehgal further said the cancellation of the SEC’s scheduled crypto-rule meeting removed a potential near-term catalyst, while recent spot Bitcoin ETF outflows indicate that institutional buying momentum has cooled. However, the absence of aggressive downside acceleration is equally important.
In the past week, Bitcoin and Ethereum fell 2.8% and 1.6% respectively. Among the major altcoins, XRP and Cardano were down 2.4% and 9.8% respectively whereas BNB, Solana, Tron, Hyperliquid, Dogecoin rallied upto 2.9%.
Nischal Shetty, Founder, WazirX said Bitcoin remained range-bound near 63K - 65K, with 62.4K-63K providing key support and 64K-65.5K acting as the main resistance zone. Ethereum held around 1,870-1,885, with 1,850-1,870 as support and 1,900-1,925 as immediate resistance.
Shetty further said that institutional demand stayed constructive, with strong ETF inflows, but offsetting selling and subdued momentum kept both BTC and ETH in consolidation.
Also Read | Mutual funds raise IT exposure to 6.6% in July after record low. Is sentiment towards tech improving?
Here is what other analyst say
Harish Vatnani, Head of Trade, ZebPay: Bitcoin and the broader cryptocurrency market continue to trade with subdued momentum, as BTC remains range-bound between $62,000 and $66,000. Uncertainty surrounding global macroeconomic conditions and geopolitical developments has kept traders cautious, limiting fresh participation and resulting in low market volatility.
Ethereum is trading near the $1,885 mark after recovering from recent lows, but it continues to face strong resistance in the $1,950–2,000 zone. Despite repeated rejection near these levels, buyers remain active on dips, indicating that underlying demand is still intact.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
