Bitcoin Retreats in Choppy Trading
Bitcoin dipped below the $63,000 mark on Monday, trading at $62,563 at last check — a decline of 0.79% on the day. The move came amid a broader cooling of risk appetite across global markets.
The world's largest cryptocurrency by market cap has struggled to maintain momentum above $65,000, a level it briefly breached last week before sellers stepped in.
Bitcoin's dance with $63K is becoming the market's favourite psychological tug-of-war.
What's Driving the Pullback
Several factors converged to push crypto prices lower. The sharp decline in oil prices created a risk-off tone in commodities, which spilled over into digital assets. Meanwhile, a mixed equity session — with Amazon soaring but Apple tumbling — left traders uncertain about the broader direction.
Trading volumes on major exchanges were roughly 15% below the 30-day average, suggesting conviction is low on both sides of the trade.
Macro Headwinds Persist
The macro backdrop remains challenging for risk assets broadly. With the 10-year Treasury yield hovering at 4.676%, the opportunity cost of holding a zero-yield asset like Bitcoin is hard to ignore.
ETF flows, a key driver of crypto prices in recent months, have also flattened. After a strong July, spot Bitcoin ETFs saw net outflows of approximately $85 million over the past three sessions.
Key Levels to Watch
- Support: $60,500 — a break below opens the door to $58,000
- Resistance: $65,200 — the level that has capped rallies twice this month
- Volume: Thin, suggesting the next move could be sharp in either direction
- ETF flows: Watch for a reversal — big inflows would be the clearest bullish signal