Bitcoin's price decreased to approximately $62,700, falling below the $63,000 threshold during early trading on Monday.
This decline comes as tensions between the US and Iran rise, impacting risk assets across the market. Despite this downturn, Bitcoin has managed to stay above the significant support level of $59,000 reached in July.
Recent Bitcoin ETF inflows, alongside softer employment figures, have contributed to a more positive market sentiment. The current trading environment indicates that the first major support level is set at $61,000, according to analyst That Martini Guy. If Bitcoin can reclaim the $64,000 level, it may trigger further upward momentum toward the resistance level at $65,700.
The cryptocurrency market is also focusing on the upcoming wave of inflation data, retail sales figures, and earnings reports from banks, which may lead to further market volatility.
Overall, the broader crypto market valuation hovers around $2.26 trillion. Ethereum has shown resilience as well, maintaining a position above $1,800 following a 15% increase over the last two weeks. This suggests active buying interest, although external macroeconomic factors could pose risks to the ongoing rebound.
With Bitcoin’s ETF inflows returning after a period of withdrawals, the renewed demand has stabilized market conditions and enhanced institutional interest. Approximately 6% of Bitcoin’s maximum supply is now controlled by spot funds, reflecting growing institutional participation.
This material is for informational purposes only and not financial advice.
