Bitcoin managed to stabilize after a break of $62,000 over the weekend, returning to a shock near $6.25 million on July 14. At the same time, the market digested tensions and higher oil prices in the United States in June in the CPI and Straits of Hormuz, with a clear shift in short-term sentiment.
ETF funds are weak
The demand end of the spot shows a fall. According to Farside Investers, United States spot bitcoin ETF combined net outflows of $424.7 million on 13 July, reversing the net inflow of $9.04 million on the date of the previous transaction.
Of that, Belet IBIT net outflows $185.5 million, FBT net outflows $245.6 million. ETF financial changes continue to be important observations in the spot market, and continuous outflows can weaken short-term buy-out support.
Macro data and oil prices as short-term variables
The June CPI report will be released at 8.30 a.m. American Eastern Time, after which the Fed Chairman Kevin Warsh will testify before the House Financial Services Committee. Inflationary data that are stronger than expected, or that speak harshly, may push up the return on United States debt and continue to suppress risky asset performance.
At the same time, the rise in tensions between the United States and Iran led to higher oil prices. The rise in energy prices has made the market more cautious about the downswing in inflation and has increased expectations of volatility before and after CPI issuance.
$6.31 million to $64.7 million remains a high resistance
In terms of price spreads, the Bitcoin drive fluctuated between US$ 61,794 and US$ 63,063, but the rebound remained limited. The price had previously been pushed over $64,000 and then quickly returned to the vicinity of the July zone.
Technically, $63,131 is the first place to recover. If the solar line returns to that level, the market will again focus on the 64,000-$64,690 area. 4 On the hour chart, short-line suppression continued to occur in the vicinity of US$ 64,004.
Under there, $61,560 is a recent support position. CoinGlass seeks to show that there are more intensive leverage positions below US$ 61,000 to US$ 61,500 and a larger settlement cluster above US$ 64,800 to US$ 65,000.
If the solar line falls again between US$ 62,000 and US$ 62,500, the market may look further down at US$ 60,400, followed by a monthly opening near US$ 58,700, and the previous low of US$ 57,765. The short-term direction continues to depend on CPI data, the flow of ETF funds and whether geo-situations continue to push up oil prices.