Bitcoin Tumbles Amid Weak Momentum and Resistance
Bitcoin's price has been under pressure in recent trading sessions, testing its support at $63,150. This comes after a retreat from July's high of $66,900.
Despite a net outflow of $265.4 million on the last trading day, US spot Bitcoin ETFs recorded $172.4 million inflows for July. This indicates that institutional investors are adjusting their positions rather than exiting the market entirely.
Momentum indicators are favoring sellers, with Bitcoin trading below key moving averages and facing resistance near $64,000 to $66,000.
A break below $63,150 could lead to a deeper pullback toward $62,000 and $60,000. Meanwhile, the weakening of Bitcoin dominance suggests potential for an altcoin season, but broader market strength is needed for a sustained rally.