Bitcoin Defends Key Support, But Needs Institutional Inflows to Confirm Trend

Bitcoin has defended an important support level at around $63,600, which is measured by the 0.236 Fibonacci retracement from the swing high of $82,700 to the low of $57,800.

This defense preserves the recovery attempt without erasing the resistance created by earlier declines.

The 50-day simple moving average sits roughly $400 beneath this support level at $63,240, with spot ETF ownership behind it.

US spot Bitcoin exchange-traded products still hold around 1.2 million BTC, down from a peak near 1.38 million but well above the level recorded shortly after their January 2024 launch.