Bitcoin Holds Steady Near $63K Amid Inflation Worries
Bitcoin's price has stabilized near $63,000 after falling oil prices eased inflation worries. However, weak institutional flows and subdued spot-market activity continue to limit the cryptocurrency's recovery.
Vikram Subburaj, CEO of Giottus, noted that Bitcoin traded near $63,125 on Monday, gaining about 0.3% over 24 hours. He added that falling oil prices had eased some inflation concerns, but weak flows and spot-market activity continued to limit the recovery.
The global crypto market capitalization edged down 1.1% to $2.15 trillion, according to CoinMarketCap. The crypt fear and greed index is at 35, indicating that market sentiments remain under fear, said CoinDCX Research Team.
Avinash Shekhar, Co-Founder & CEO of Pi42, advised investors to stay disciplined rather than react to every headline or large wallet transaction. He noted that renewed whale wallet activity had reminded participants that large on-chain movements can influence sentiment, although they do not always signal an immediate directional shift.
Market experts pointed out that Bitcoin ended July with a gain of more than 7.3%, reversing two consecutive months of losses and signaling renewed resilience. US spot Bitcoin ETFs also returned to net inflows, attracting $172.4 million during the month.