Bitcoin Price Fluctuates as Spot Demand Weakens Amid ETF Support

Bitcoin's price has been fluctuating between $62,600 and $63,900 in recent days, according to Glassnode. The cryptocurrency fell to $62,600 as spot demand weakened, but ETF inflows and steady long-term holder activity have helped support the price.

Large wallets have been buying Bitcoin while smaller wallets have been selling their coins following reports of a firmware flaw in Coldcard hardware wallets, which has led to losses of over 1,360 BTC worth around $87 million. This behavior is evident in data from Santiment, which shows that large players are hoarding the coins being dumped by smaller investors.

Analyst Daan Crypto Trades notes that Bitcoin needs a confirmed break from its falling wedge pattern for a bigger move higher to occur. The price is currently trading near its weekly 200-period moving average, and traders are watching key levels of $64,100 as resistance and $62,000 as support.

The largest cluster of leveraged positions sits between $61,900 and $62,200, just below the most recent low. A break above $64,100 could push the price toward $65,000, while a drop below $62,000 could send Bitcoin toward its June-July low of $57,820.