Bitcoin hovered near $64,161 on July 23, holding a key support level despite significant ETF outflows weighing on the market.
U.S. spot Bitcoin ETFs reported a large net outflow of $225.18 million, the first major drop after several days of inflows, pushing total net ETF assets to $78.82 billion.
While this raised concern about institutional profit-taking, derivatives traders increased their positions, creating a mix of bearish and bullish signals.
The Bitcoin price remains just above its 200-day moving average at $63,162 but stays well below the 50-day average near $72,450, reflecting tension between long-term support and short-term resistance.
Traders are defending the $63,200-$63,700 zone; a failure to hold this could open the door for a slide toward the next support, approximately $59,300.
The MACD indicator shows weakening bullish momentum but no decisive bearish reversal yet, suggesting cautious optimism among market participants.
Crypto analyst Lennaert Snyder commented that Bitcoin’s bullish pattern holds as long as prices stay above the $63,700 mark.
He anticipates a move back toward $67,000 and sees $68,100 as a viable take-profit target for longs, indicating that buyers remain active despite the dip below $65,000.
The mixed signals from ETFs and derivatives reflect growing market complexity, with institutional investors testing the waters after recent recovery gains.
This cautious stance mirrors broader market trends seen in related sectors, though Bitcoin’s 200-day average remains a key anchor point.
