Bitcoin traded near $63,812.96 on Tuesday, up 1.73% over the past 24 hours, as the market absorbed a mix of bearish headwinds and resilient price action. The token shrugged off a choppy start to August, with ETF outflows, a Coldcard hardware wallet firmware bug, and a hawkish Federal Reserve hold keeping sentiment cautious.
Spot Bitcoin ETFs ended a three-week inflow streak with $61.53 million in net outflows for the week ending July 31, led by a sharp single-day withdrawal from BlackRock’s IBIT fund. Meanwhile, a firmware flaw linked to Coldcard wallets has been tied to nearly $70 million in stolen Bitcoin this month, prompting emergency firmware updates and warnings that affected holders must generate fresh recovery phrases.
The Federal Reserve held rates steady but with a 9-3 vote split as three officials favored an increase, lifting September rate hike odds above 60%. The CLARITY Act remains stalled on the Senate calendar ahead of the August recess, with Democrats pushing for tougher ethics language. Traders now watch Friday’s jobs report for fresh direction.
Bitcoin Price Today
Bitcoin’s market cap stands near $1.28 trillion, with 24-hour trading volume at $26.81 billion. Analysts highlight $65,000 as key resistance, with support at $62,300 and $60,000 below.
Analyst Insights
Akshat Siddhant, Lead Quant Analyst at Mudrex: Bitcoin traded in the $63,000-$64,000 range amid growing macro uncertainty. A stronger yen, backed by an estimated $59 billion in intervention, has sped up carry trade unwinding. Strategy sold 1,638 BTC, its second largest sale this year. Bitcoin needs to reclaim $65,000 to lift sentiment, while $60,000 stands as major support.
CoinSwitch Markets Desk: BTC approached $64,000 after the ISM Manufacturing PMI rose to 55.6, its highest since 2022. Sustained readings above 55 have historically coincided with strong altcoin performance. Near term, $64,000 is resistance, $63,000 is key support.
Riya Sehgal, Research Analyst at Delta Exchange: Bitcoin holds between $63,500 and $64,000. Stronger US manufacturing data strengthens the case for the Fed to stay tight. Bitcoin needs to break and hold above $64,250 to improve momentum. Support at $62,300. ETH defends $1,820-$1,845 zone.
Vikram Subburaj, CEO of Giottus: Bitcoin near $63,700, up 0.9%. Lower oil prices and improving global risk sentiment support the market. Weak spot demand and inconsistent ETF flows cap the recovery. Resistance at $64,000-$64,100.
Nischal Shetty, founder of WazirX: Bitcoin gained 0.47% to around $63,602. Ethereum rose 0.34%. American Bitcoin reported record quarterly production of 932 BTC. Bitcoin futures traders watch $63,750-$64,300 recovery zone, with $63,000 as nearest support.
Top 10 Coins at a Glance
Biggest Gainers: Hyperliquid (+4.03%), BNB (+1%), TRON (+1%). Hyperliquid led major gainers with a daily jump, extending its strong weekly run. BNB and TRON also posted solid gains.
Biggest Losers: Stablecoins (Tether, USDC) barely moved. Ethereum and Solana posted modest gains.
Key Headlines Impacting Prices
- Coldcard Firmware Flaw: A firmware bug drained nearly $70 million in Bitcoin. CEO Rodolfo Novak apologized. Emergency firmware rolled out, but affected users must generate new recovery phrases.
- Bitcoin ETFs Snap Inflow Streak: $61.53 million in net outflows for week ending July 31. Spot Ether ETFs extended their four-week inflow streak with $27.42 million.
- Fed Holds Rates: 9-3 vote split with three officials favoring a hike. September rate hike odds above 60%.
- CLARITY Act Stalled: Senate recess deadline narrows legislative window. Democrats push for ethics language.
- Strategy Sells 1,638 BTC: Second largest sale this year, adding selling pressure.
- ISM Manufacturing PMI: Rose to 55.6 in July, highest since 2022, reducing expectations of near-term Fed cuts.
Market Outlook
Bitcoin holds above $63,800 as traders weigh ETF outflows, a hawkish Fed, and stalled legislation. A close above $64,250 could open a path to $65,000 resistance. A slip below $62,300 risks exposing $60,000. Next moves hinge on ETF flows, Fed rate signals, and Friday’s jobs report. The Senate recess deadline and upcoming inflation data are key catalysts.
Leave a Reply