Bitcoin under pressure below $64,300; why crypto markets remain cautious

Crypto markets remain cautious ahead of the US CPI release amid continued macro uncertainty dominating the market sentiment. Higher crude oil prices, elevated Treasury yields, and uncertainty around the Federal Reserve’s next move are keeping risk appetite subdued, while recent ETF demand has also become less consistent after strong inflows last week.

"Technically, Bitcoin is attempting to stabilize after testing the $63,200 area, but the short-term structure remains weak while price stays below the $64,180–$64,300 EMA cluster. A sustained move above $64,300 could open the way toward $64,800–$65,200, while a break below $63,200 may expose the $62,400–$63,000 demand zone," Riya Sehgal, Research Analyst, Delta Exchange, said.

Nischal Shetty, Founder of WazirX, noted that a 24-hour crypto liquidation fell 17.19 percent to $160.35 million, suggesting a reduction in leveraged stress. The markets remain cautious, with total market capitalization broadly flat at $2.19 trillion, and the Fear & Greed Index stands at 37 (Fear). "For crypto, this translates to a near-term headwind, suggesting reduced appetite for risk on assets. Weak tech equities and higher oil prices could put pressure on Bitcoin and altcoins."

CoinDCX noted that the top gainers for the day include Canton, with a 4.92 percent jump, followed by Injective, Chainlink, MemeCore, Jito, NEAR Protocol & Cosmos, each up more than 3 percent. Besides, Audiera countries plunged by over 19 percent, followed by Internet Computer, Monero & Lighter, which dropped by over 5 percent each.

Here's how major cryptocurrencies moved over the past 24 hours.

Vikram Subburaj, CEO of Giottus, suggests, "Investors should avoid chasing short-term moves before the inflation release. Staggered accumulation, limited leverage, and disciplined position sizing remain preferable until Bitcoin clears $64,500-$66,000 with sustained ETF and spot demand."