Home
Cryptocurrency
Cryptocurrency News
Bitcoin Consolidates Near $63,000 as Investors Await Fresh Cues

Bitcoin Consolidates Near $63,000 as Investors Await Fresh Cues

Crypto investors stay cautious as Bitcoin trades within a narrow range ahead of key US macroeconomic events.

Written by Rahul Dhingra, Edited by David Delima | Updated: 8 July 2026 13:41 IST

Bitcoin Consolidates Near $63,000 as Investors Await Fresh Cues

Photo Credit: Unsplash/Yiğit Ali Atasoy

Bitcoin buyers looked for stronger momentum before testing higher resistance levels

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Bitcoin remains trapped below key resistance
Mixed ETF flows keep market sentiment cautious
US inflation data remains the next major trigger

Bitcoin traded near $62,700 (roughly Rs. 59.7 lakh) on Wednesday as the cryptocurrency market paused after its recent recovery, with investors awaiting fresh macroeconomic cues before taking new positions. The world's largest cryptocurrency witnessed a decline of 0.54 percent, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.6 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 59.5 lakh in India, while Ethereum trades near Rs. 1.6 lakh, as per today's Gadgets 360 price tracker.

Analysts noted that investors remain focused on upcoming US inflation data and the Federal Reserve's policy outlook, both of which are expected to influence risk appetite across crypto markets.

Cryptocurrency Discussion

Explore More...

On Wednesday, Solana (SOL) traded near $78.06 (roughly Rs. 7,431), while Binance Coin (BNB) was priced around $567.16 (roughly Rs. 53,980). XRP hovered around $1.09 (roughly Rs. 104), and Dogecoin (DOGE) was trading close to $0.072 (roughly Rs. 6.9), indicating that traders continue to remain cautious despite improving long-term market signals.

BonkDAO Suffers $20 Million Loss Through Malicious Governance Proposal

Resistance Levels and Inflation Outlook Keep Crypto Traders on Edge

Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Despite the subdued price action, market sentiment is showing early signs of improvement. Spot Bitcoin ETFs have attracted $265 million (roughly Rs. 2,523 crore) in net inflows over the past two sessions, suggesting institutional demand is returning. Meanwhile, more than 50 percent of Bitcoin's circulating supply is currently held at a loss, a condition that historically preceded market bottoms in 2017, 2018, and 2022.”

Offering a broader assessment of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Prices are under pressure because ETF flows remain uneven. On-chain data also points to caution, with Bitcoin exchange deposits recently rising to nearly 49,000 BTC, a signal that can precede higher volatility [...] Macro uncertainty is also keeping risk appetite in check. The US CPI report is due on July 14, followed by the July 28-29 Fed meeting [...] Investors should avoid chasing intraday rallies. Staggered accumulation near support, with strict risk control, is better suited to the current market.”

Commenting on the latest market trends, the CoinSwitch Markets Desk said, “The rally hit heavy resistance and limited momentum on the 4-hour and daily charts, hinting the move is running out of steam. Investors can see $61,000 (roughly Rs. 58.07 lakh) as support if the price slips. A clean close above $64,650 (roughly Rs. 61.54 lakh) flips it bullish, targeting $65,600 (roughly Rs. 62.44 lakh) then $67,000 (roughly Rs. 63.78 lakh).”

Overall, analysts said the crypto market remains in a consolidation phase as improving institutional participation and supportive long-term indicators are countered by macroeconomic uncertainty and strong technical resistance. Bitcoin's ability to defend the $61,600-$62,700 (roughly Rs. 58.64 lakh-Rs. 59.69 lakh) support range and reclaim the $64,400-$67,000 (roughly Rs. 61.30 lakh-Rs. 63.78 lakh) resistance zone will likely determine its next directional move.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: Cryptocurrency, Bitcoin, Ethereum, Crypto Prices

Rahul Dhingra

Email Rahul Dhingra

Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More