Bitcoin Treads Water Near $63,000 Amid ETF Weakness and Regulatory Uncertainty

Bitcoin has been hovering near the $63,000 mark due to weaker ETF demand and the cancellation of the SEC's scheduled crypto-rule meeting. According to Research Analyst at Delta Exchange, Riya Sehgal, the crypto markets remain cautious with Bitcoin trading near the $63,000 mark as weaker ETF demand and renewed regulatory uncertainty limit risk appetite.

The absence of aggressive downside acceleration is equally important, Sehgal added. The global crypto market capitalisation has edged down 0.4% to $2.24 trillion, according to Coingecko. In the past week, Bitcoin fell by 2.8%, while Ethereum dropped by 1.6%. Major altcoins such as XRP and Cardano were down 2.4% and 9.8% respectively.

Nischal Shetty, Founder of WazirX, stated that Bitcoin remained range-bound near the $63K-$65K mark with key support at $62.4K-$63K and main resistance at $64K-$65.5K. Ethereum held around 1,870-1,885 with 1,850-1,870 as support and 1,900-1,925 as immediate resistance.

Shetty also noted that institutional demand stayed constructive with strong ETF inflows but offsetting selling and subdued momentum kept both BTC and ETH in consolidation. Harish Vatnani, Head of Trade at ZebPay, said Bitcoin continues to trade with subdued momentum, remaining range-bound between $62,000 and $66,000.

Vatnani attributed this to uncertainty surrounding global macroeconomic conditions and geopolitical developments, limiting fresh participation and resulting in low market volatility. Ethereum is trading near the $1,885 mark after recovering from recent lows but continues to face strong resistance at the $1,950-$2,000 zone.