Bitcoin Holds Steady Above $63,800 Amid Custody Worries and Rate Hike Bets
Bitcoin held steady above $63,800 despite a volatile start to August. The token's price rose by 1.73% over the past 24 hours, according to live CoinMarketCap data.
The US spot Bitcoin ETFs posted weekly outflows of $61.53 million, ending a three-week inflow streak. This development weighed on sentiment alongside custody worries tied to Coldcard wallets and firmware flaws that led to nearly $70 million in stolen BTC this month.
Despite these concerns, Hyperliquid outpaced the broader altcoin market with a 4.03% daily gain. The Federal Reserve's hawkish stance lifted September rate hike odds above 60%, adding pressure on risk assets.
Akshat Siddhant from Mudrex noted that Bitcoin needs to reclaim $65,000 to improve sentiment, while $60,000 stands as major support. Meanwhile, Riya Sehgal from Delta Exchange emphasized the need for Bitcoin to break and hold above $64,250 to improve momentum.
Traders now await Friday's jobs report for fresh direction amidst mixed ETF flow data and macro signals.