Bitcoin Stands Firm at $63K Amid Market Volatility
Bitcoin held steady around $63,000 on Monday, defying volatility in other markets. The cryptocurrency's price has maintained its position above key support levels.
Around 67,757 traders were liquidated over the past 24 hours for a total of $257.04 million, according to Coinglass data. Meanwhile, SoSoValue reported net outflows of $265.4 million from spot Bitcoin ETFs on Friday, while spot Ethereum ETFs saw net inflows of $9.03 million.
Market analyst Michael van de Poppe expects both Bitcoin and broader markets to resume their upward trend over the next few days following Monday's selloff. However, trader Justin Bennett notes that Bitcoin is facing a critical battle at the $64,000 level, with declining open interest suggesting that short covering rather than new long positions may be driving the move.