Bitcoin trades near $64,000 as profit booking emerges, but bulls continue to hold control

Bitcoin is trading near the $64,000 level, indicating that buyers remain in control despite some profit-taking at higher levels. The cryptocurrency was trading at $64,700, registering a growth of 1% in the past 24 hours.

Ethereum was up 1.91% in the past 24 hours to trade at the $1,905 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano fell up to 3.21%.

Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin is consolidating near $64,500 after its recent recovery, indicating that buyers remain in control despite some profit-taking at higher levels.


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Sehgal further said that the broader trend remains constructive while the price holds above $64,000, although a decisive break above the $64,800 to $65,000 resistance zone will be required to trigger the next leg higher towards $65,500 to $66,000.

The global crypto market capitalisation went up 0.8% to $2.21 trillion, according to CoinMarketCap. After a brief rally, Bitcoin faced significant upward pressure and dropped from local highs above $65,000 to $64,500. With this, Ethereum fell to $1,898 while approaching a crucial barrier at $1,950, said the CoinDCX Research Team.

In the past week, Bitcoin was up 0.52% and Ethereum was down 0.42%. Among the major altcoins, BNB, Hyperliquid, and Cardano rallied up to 14% whereas XRP, Solana, Tron, and Dogecoin fell up to 3%.

Nischal Shetty, founder of WazirX, said institutional demand remained visible despite range-bound prices. US spot Bitcoin ETFs recorded $211.5 million in net inflows, while spot Ethereum ETFs attracted $53.8 million.

Futures traders could monitor price confirmation alongside open interest and funding rates. BTC traders may wait for a sustained break above $65,000 before considering stronger bullish positioning, Shetty further said.

Market perspective

Avinash Shekhar, Co-Founder and CEO, Pi42: Bitcoin continues to trade around the $64,500 mark, signalling a market that is searching for its next catalyst rather than chasing momentum. While price action has remained relatively range-bound, the underlying narrative is becoming increasingly interesting.

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CoinSwitch Markets Desk: BTC remained range-bound near $65k despite a broader risk-on move across global markets. For BTC, a sustained recovery may require stronger spot ETF inflows, softer US Treasury yields and lower expectations of further Federal Reserve rate hikes over the coming sessions.

Prateek Gupta, Head of Business, Mudrex: Bitcoin continues to trade between $64,000 and $64,700, remaining within the broad range that has defined price action for the past two months. Despite this, the US spot Bitcoin ETFs still added $381.6 million over the past two sessions, supporting BTC's price.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)