Bitcoin near $63K, Ethereum below $1,900 as softer US inflation fails to ease crypto market pressure
In the past 24 hours, Bitcoin and Ethereum gained 0.10% and 0.22% respectively. Among the major altcoins, BNB, Solana, Tron, Hyperliquid, and Cardano rallied up to 4%. XRP and Dogecoin corrected 1.45%.
Riya Sehgal, Research Analyst at Delta Exchange, said technically, Bitcoin’s rejection from 64,800–65,300 leaves $63,200 as immediate support, followed by $62,400, while Ethereum is testing 1,860–1,875 after failing near $1,920.Also Read |Have over Rs 1 crore cash to invest? Expert suggests portfolio for retirement, children’s goals
Focus now shifts to US PPI today. Softer data could support crypto, while an upside surprise may add pressure. BTC needs to reclaim 64,150–64,500 to improve near-term momentum, Sehgal further said.
The global crypto market capitalisation went up 0.24% to $2.19 trillion, according to CoinMarketCap. Bitcoin’s seller exhaustion constant is at a cycle low, in the historical bottom zone, but remains nearly 33% above the floor of every prior breath market, said CoinDCX Research Team.
Vikram Subburaj, CEO, Giottus said the muted response suggests that improving macro conditions have not yet translated into strong crypto demand. Immediate support is around 63,000-63,250, followed by $62,000.“Investors should avoid chasing short-lived rallies while Bitcoin remains below 64,500-66,000. Staggered accumulation, limited leverage and disciplined position sizing remain preferable until stronger ETF and spot demand confirm the recovery,” Subburaj further said.
In the past week, Bitcoin and Ethereum corrected 0.43% and 0.73%, respectively. Among the major altcoins, BNB, Solana, Tron, Hyperliquid, and Dogecoin gained up to 3.48% whereas XRP and Cardano were down 3.46% and 1.78% respectively.
Prateek Gupta, Head of Business, Mudrex said Bitcoin slid back to around $63,500 after briefly reclaiming $64,000 in the wake of Wednesday’s US CPI print, which cooled to 3.4% year-on-year from 3.5% in June. Markets saw little fresh conviction in either direction as the inflation reading landed exactly in line with forecasts.
The focus shifts to US Producer Price Index data, due later today, for the next directional cue. Bitcoin has failed to close above $65,000 on six separate attempts since August 5, Gupta further said.
Here is what other analysts say
CoinSwitch Markets Desk: BTC is steadying around 64,000–64,200 after a choppy CPI-day session, having reclaimed the $64,000 handle following a dip to an intraday low near $63,400. Underlying flows remain thin and mixed: spot BTC ETFs saw only modest net inflows (around $7.8M Tuesday), leaving price hemmed inside the familiar summer range.
Nischal Shetty, Founder, WazirX: BTC trades near $63,384, sitting around its $63,379 50-day SMA, while most shorter moving averages cluster above $64,000 and signal resistance; $63,200 – $63,400 is therefore an important support zone, with $64,000 – $64,550 being the immediate resistance.
Harish Vatnani, Head of Trade, ZebPay: Bitcoin remains stuck in the 62,000–66,000 range, with steady ETF demand being offset by selling from miners and corporate holders. The latest U.S. inflation data offered little clarity, with July inflation at 3.4% and core inflation easing to 2.5%, both broadly in line with expectations.
Avinash Shekhar, Co-Founder & CEO, Pi42: The crypto market remains cautious despite US inflation coming broadly in line with expectations. Bitcoin has slipped towards the $63,500 level as traders increasingly look beyond CPI towards the Federal Reserve’s next signals and upcoming labour data.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
