Bitcoin Holds Steady at $63,577 Amid Weak ETF Flows and Macro Uncertainty
Bitcoin's price has recovered to $63,577 after dropping near $62,670 in early trading on August 17. Analysts are watching for key resistance levels at $64,000 and elevated oil prices as potential factors affecting the cryptocurrency's value.
Nischal Shetty, founder of WazirX, noted that institutional demand remains resilient despite softer ETF flows. US spot Bitcoin ETFs recorded daily outflows between approximately $57.6 million and $131.1 million during the final sessions of the week, following an earlier inflow of more than $853 million.
Riya Sehgal, Research Analyst at Delta Exchange, said that Bitcoin has bounced from the $62,500-$62,700 region but remains below a dense cluster of higher four-hour EMAs between roughly $63,500 and $63,900. She added that failure to hold $62,500 could bring $62,000 into focus.
Avinash Shekhar, Co-Founder & CEO at Pi42, advises investors to be patient and avoid chasing short-term price moves. He suggests staggering entries, tracking institutional flows, key support levels, and broader macro signals before increasing exposure.