Bitcoin Holds Steady Near $64K as Crypto Market Turns Cautious Ahead of US CPI
Bitcoin has been hovering around $63,800 as the crypto market remains cautious ahead of the US CPI data release. The cryptocurrency was trading at $63,759 on Wednesday, with a slight dip of 0.34% in the past 24 hours. Ethereum, on the other hand, saw an uptick of 0.98% to trade at $1,892.
Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin is attempting to stabilize after testing the $63,200 area but remains under pressure due to macro uncertainty. Technically, the short-term structure appears weak while the price stays below the $64,180-$64,300 EMA cluster.
Vikram Subburaj, CEO of Giottus, advised investors to avoid large positions ahead of the July US inflation report, citing immediate support around $63,000-$63,200. He also emphasized the importance of disciplined position sizing and staggering accumulation until Bitcoin clears $64,500-$66,000 with sustained ETF and spot demand.