Synopsis
Bitcoin held near $64,000 despite large ETF outflows on July 9. Major altcoins saw mixed performance, with some falling and others rising. The global crypto market capitalization increased slightly to two trillion dollars. Analysts noted that Bitcoin needs to close above $64,000 to reach higher resistance levels. Market sentiment is recovering as Bitcoin recovers from the $60,000 zone.
ReutersBitcoin has been trading near the $64,000 mark despite ETF exits. THE crypto market remained resilient, even as institutional demand remained inconsistent. THE cryptocurrency was trading at $64,147.
Over the past 24 hours, Bitcoin is up 0.2% and Ethereum was up 1% to trade at $64,162. Among the major altcoinsBNB, XRP, Solana, Tron, Hyperliquid, Cardano fell by 2% while Dogecoin rose by 0.4%. The global crypto market cap rose 0.1% to $2 trillion, according to CoinMarketCap.
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Riya Sehgal, research analyst at Delta Exchange, said Bitcoin is holding near the $64,000 region despite $95.3 million in net outflows from US spot Bitcoin ETFs on July 9, while Ethereum ETFs saw $52.2 million in outflows.
Sehgal further said that technically, Bitcoin needs a sustained four-hour close above $64,000 to open the $65,000-$66,800 resistance zone, while a break below $62,300 could expose $61,200.
Over the past week, Bitcoin and Ethereum have both increased by 3% respectively. Among major altcoins, BNB and Tron rose 1% and 2%, respectively. Among major altcoins, XRP, Solana, Hyperliquid, Dogecoin and Cardano fell as much as 6%.
Nischal Shetty, founder of WazirX, said crypto markets were trading in a tight range this week as Bitcoin recovered from the $60,000 zone to finish near $64,000, while Ethereum held around $1,770 with stronger momentum.
Renewed inflows into spot ETFs, improving technical indicators and rising futures activity supported sentiment, even as traders continued to monitor key support and resistance levels, Shetty added.
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Harish Vatnani, head of trading at ZebPay, said Bitcoin was still struggling to surpass the $64,200 mark despite recovering from the lower zone. The daily RSI is holding above the 50 level, indicating that overall market sentiment is recovering.
Crypto market liquidations total $153 million over the past 24 hours, Vatnani added.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)
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