Investors should avoid chasing short-term price moves, stagger their entries and closely track institutional flows, key support levels and broader macro signals before increasing exposure.
- Bitcoin price recovered to $63,577 after a drop.
- Analysts watch $64,000 as key resistance level.
- Macro factors like ETF flows, FOMC minutes are key.
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Bitcoin price dropped near $62,670 in the early August 17 trade, but quickly recovered those losses to trade 0.19 percent up at $63,577.91 (12:30 IST) over the last 24 hours and 0.91 percent in a week.
Crypto analysts suggests traders watch for weaker Bitcoin ETF flows, elevated oil prices and continued US-Iran uncertainty, as well as Wednesday’s FOMC minutes as next major macro catalysts. A stronger case for tighter monetary policy could further pressure risk assets, including crypto.
According to Nischal Shetty, founder at WazirX, institutional demand remained resilient despite softer ETF flows. US spot Bitcoin ETFs recorded daily outflows between approximately $57.6 million and $131.1 million during the final sessions of the week, following an earlier inflow of more than $853 million. "The pattern points to short-term consolidation rather than a broad institutional exit.”
Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin has bounced from the $62,500–$62,700 region; however, remains below a dense cluster of higher four-hour EMAs between roughly $63,500 and $63,900, making $64,000 the key level bulls need to reclaim. "A failure to hold $62,500 could bring $62,000 into focus, with the stronger daily demand zone around $59,500–$60,800."
"This keeps the short-term outlook largely neutral. A clear move above $63.3K could strengthen bullish momentum and support a recovery toward higher levels," CoinSwitch said.
CoinDCX noted that the top gainers for the day are Velvet with 23 percent jump, followed by ether.fi with 6.37 percent and Worldcoin, Curve DAO Token & Sky by more than 4 percent. On the other hand, Quant drops by 3.15 percent followed by Canton by 2.70 percent.
Here's how major cryptocurrencies moved over the past 24 hours.
"BTC is consolidating around $63.5K, with the $63,000–$62,400 zone acting as the main downside area to monitor. A sustained loss of this region would make $61,200–$60,000 the next important liquidity/support zone. On the upside, analysts are watching the $64,000 first, followed by the stronger $65,200–$65,500 resistance. RSI remains neutral, and BTC is below several key moving averages," Nischal Shetty, Founder at WazirX, said.
What should investors watch for
"On the daily chart, the RSI is hovering around the 45 zone, indicating that bearish momentum is gradually easing, although buyers have yet to regain full control. Meanwhile, the Stochastic Oscillator is at 15, recovering from lower levels, suggesting the possibility of a short-term relief rally if buying interest strengthens," Harish Vatnani, Head of Trade at ZebPay, said.
According to Avinash Shekhar, Co-Founder & CEO at Pi42, the current market calls for patience rather than aggressive positioning. "Investors should avoid chasing short-term price moves, stagger their entries and closely track institutional flows, key support levels and broader macro signals before increasing exposure.”
Vikram Subburaj, CEO of Giottus, suggests, "Investors should avoid chasing moves inside the current range. Staggered accumulation and disciplined position sizing remain preferable until Bitcoin either breaks below $62,650 or clears $64,000-$66,000 with stronger ETF and spot demand."
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
