The market has improved since the weakness seen in June and early July, but ETF inflows alone cannot confirm a trend reversal.
- Bitcoin price near $65,000 after recent surge.
- ETFs saw $1.1B net inflows last week.
- US July CPI print on Aug 12 is next major test.
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Bitcoin price surged near $65,350 in the early August 10 trade, but quickly trimmed some of those gains to trade at $64,925.18, though representing 0.29 percent up over the last 24 hours and 3.28 percent in a week.
According to crypto analysts, Bitcoin is holding just below the $65,000 level at the start of the week, having weathered a turbulent seven days that included fallout from a hardware wallet security exploit and a contentious minority-chain split, without any significant price damage.
"The US spot Bitcoin and Ether ETFs together attracted around $1.1 billion in net inflows over the past week, their strongest weekly performance since mid-April. The next major test arrives on August 12, when the US will release its July CPI inflation print," Akshat Siddhant, Lead Quant Analyst, Mudrex, said.
The analyst estimates that a reading softer than the expected 3.42 percent year-over-year could ease pressure on the Federal Reserve and push Bitcoin above the $65,500-$66,000 resistance zone. A higher-than-expected number, however, would reinforce fears of a rate hike and likely pull Bitcoin back toward the $63,000-$63,800 support band.
According to Nischal Shetty, Founder of WazirX, global macro indicators present a mixed backdrop for crypto markets. "Overall, the data supports a constructive long-term environment for crypto, although persistent inflation and monetary policy expectations may keep near-term price movements conservative."
CoinDCX noted that the top gainers for the day include Pump.fun, up 11.52 percent, followed by Worldcoin, up 7.37 percent, and Canton, up 7.05 percent. Besides, Audiera plunges by 11.60 percent, followed by MemeCore and Algorand, which fall by 6.60 percent and 5.52 percent, respectively.
Here's how major cryptocurrencies moved over the past 24 hours.
"For investors, the market has improved since the weakness seen in June and early July, but ETF inflows alone cannot confirm a trend reversal. Bitcoin must hold the $63,000 cost-basis zone and close convincingly above $66,000. Until those conditions are met, the more credible assessment is that institutional demand has strengthened the floor without yet removing the ceiling," Vikram Subburaj, CEO, Giottus, said.
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.
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