Vikram Subburaj, CEO, Giottus.com
Bitcoin traded near $62,800 on July 8, giving back part of its recent recovery after briefly pushing above $64,000 earlier this week. CoinMarketCap showed BTC at about $62,816, down 1.43% over 24 hours, with trading volume near $31.6 billion. The broader crypto market also softened, with Bitcoin dominance holding around 58%. This suggests investors remain cautious rather than aggressively rotating into altcoins.
Technically, Bitcoin is still defending its recovery structure, but confirmation is missing. Immediate support lies near $62,600-$62,700, followed by the more important $60,000-$61,000 zone. A clean break below $60,000 would weaken sentiment and could invite renewed selling. On the upside, BTC needs to reclaim $64,400 first, followed by the $65,000-$67,000 resistance band. A daily close above this range would improve the case for a stronger rebound.
On-chain signals are mixed. CoinDesk, citing Glassnode, reported that long-term holders have shifted back to net accumulation, adding roughly 50,000-100,000 BTC on a net basis. Smaller and mid-sized wallets are leading the buying, while the largest whale cohort remains closer to neutral. At the same time, CryptoQuant data cited by CoinMarketCap showed Bitcoin exchange deposits rising to nearly 49,000 BTC on June 30. Such a sharp increase is rare. Historically, similar spikes have often been followed by higher market volatility.
ETF flows remain uneven. Farside Investors’ latest completed table showed U.S. spot Bitcoin ETFs recorded a net outflow of $33.3 million on July 7, after a $265.7 million inflow on July 6. July 8 flows were not final at the time of review.
Macro remains the key risk. Reuters reported that traders see only about a 30% chance of a July Fed rate hike, but an 80% probability of a hike by September. The June U.S. CPI print on July 14 and the July 28-29 FOMC meeting will be closely watched.
Among top non-stablecoin altcoins, Ethereum traded near $1,750, BNB around $570, XRP near $1.10, Solana near $79, and TRON around $0.330. TRON was the relative outperformer, while ETH, XRP and SOL remained under daily pressure.
Our advice: Bitcoin’s recovery remains constructive above $60,000, but not decisive. Investors should avoid chasing sharp intraday moves until ETF demand turns consistent and BTC closes above the $65,000-$67,000 resistance zone.
