Bitcoin experienced some weakness in trading on Thursday as selling pressure persisted, but it managed to stay above the $60,000 mark. The world’s most expensive cryptocurrency was in a consolidation phase, with some relief coming from inflows in BTC ETFs. It was trading at $60,659.83 around noon in India, down by 1.5%. Other major cryptocurrencies like Ethereum, BNB, Solana, XRP, Dogecoin, Cardano, and Shiba Inu also traded with a negative bias, with losses of up to 4% at that time. On the other hand, altcoins like Tron, Avalanche, and Toncoin were trading in the green, gaining up to 1.2%.
Selling pressure in BTC has eased due to increased trading activity, with more buyers than sellers according to the Taker Buy-Sell Ratio, which is now above 1. The Fear & Greed Index for cryptocurrencies has also rebounded to 40 after hitting a yearly low of 30 earlier in the week. BTC saw a surge to $62,322 supported by $31 million inflows in US spot bitcoin ETFs, offsetting recent outflows. The market witnessed volatility as BTC briefly slipped below $61,000 due to heavy liquidations on decentralized finance platforms.
According to experts, institutional buying is on the rise, with Bitcoin spot ETFs seeing an inflow of $31 million on Tuesday, ending a seven-day streak of outflows. The bullish sentiment is expected to continue as bitcoin and ether options worth billions are set to expire on a crypto derivatives exchange. BlackRock’s IBIT has exceeded $1 billion in trading volume, signaling strong institutional interest in cryptocurrencies.
Looking ahead, experts predict resistance at $63,440 for BTC, with support at $60,620. Technical indicators like RSI and EMA suggest a cautious outlook below $62,510. It is important to note that the opinions expressed by experts are their own and do not represent the views of The Economic Times.