Crypto
Bitcoin Faces Crucial Test Around $62,916 Support Level
Bitcoin (BTC) price action remains under scrutiny as it teeters around key technical levels. Trading at $63,453, BTC holds above its short- and medium-term moving averages but lags behind major long-term averages.
The asset's current price of $63,498.15 is closely watched by traders, who are monitoring the level of support at $62,916. This technical indicator suggests a potential range for BTC/USD between $62,677 and $64,229 over the next 2-3 days.
ETF redemptions have been driving institutional outflows, with US spot Bitcoin ETFs recording net outflows of $265.4 million on July 31. This has led to a decrease in sector liquidity, reflecting subdued institutional demand.