Bitcoin’s price dipped to test the $63,150 support level after losing ground from its July peak at $66,900. The cryptocurrency faces increased downside pressure, raising concerns of a drop toward $62,000.
July saw a total inflow of around $172.4 million into US spot Bitcoin ETFs, signaling sustained investor interest despite volatility. However, the final trading day brought a sharp $265.4 million net outflow, indicating that momentum remains fragile. Bitcoin continues to trade below key short-term moving averages, reflecting persistent weakness.
Market watchers will recall Bitcoin briefly slipping below $63K amid recent turmoil and geopolitical tensions, underscoring the currency’s sensitivity to broader forces. Momentum indicators suggest Bitcoin may struggle to regain its footing without further positive catalysts.
This content is for informational purposes only and does not constitute financial advice.
