Bitcoin Stays Steady at $64,000 Amid ETF Outflows as Crypto Market Shows Resilience

Bitcoin continues to demonstrate resilience, trading near the $64,000 mark at $64,147, despite facing $95.3 million in net outflows from U.S. spot Bitcoin ETFs and $52.2 million from Ethereum ETFs on July 9. This recent trend indicates a somewhat inconsistent institutional demand, with Bitcoin nonetheless gaining 0.2% over the past 24 hours and exhibiting a solid upward trajectory of 3% over the last week. Ethereum mirrored this slight upward movement, trading at $1,770, suggesting renewed interest following a period of volatility.

The overall crypto market capitalization has seen a modest increase of 0.1%, bringing it to approximately $2 trillion. Among major altcoins, mixed performance was noted, with some cryptocurrencies—such as BNB and Tron—gaining up to 2%, while others like XRP and Solana suffered declines of up to 6%. This divergence among altcoins reflects a broader stagnation in the market, even as Bitcoin and Ethereum retain a degree of momentum. Analysts have noted that while Bitcoin has shown a capacity to recover from lower levels around $60,000, it faces technical resistance that must be surpassed for significant upward movement.

Technical experts assert that Bitcoin requires a sustained four-hour close above $64,000 to initiate a potential rally towards the upper resistance zone of $65,000–$66,800. Conversely, should Bitcoin dip below $62,300, it may expose further downside risks to $61,200. The daily RSI remains above the 50 level, which indicates a cautiously optimistic market sentiment for Bitcoin. Moreover, the cryptocurrency market experienced liquidations totaling $153 million in the past 24 hours, suggesting traders are closely monitoring both support and resistance levels as they adjust their strategies amidst fluctuating market conditions.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)