Vikram Subburaj, CEO, Giottus.com
Bitcoin traded near $62,000 on July 9, steadying after a volatile start to the week. Market data showed BTC at about $61,994, up 1.32% over 24 hours and 3.27% over seven days. The broader crypto market cap stood near $2.14 trillion. Bitcoin dominance held around 58%. This indicates that traders remain defensive. They are not yet rotating aggressively into altcoins.
Technically, Bitcoin continues to hold its short-term recovery structure, but confirmation is still missing. Immediate support lies around $61,500-$62,000, followed by the more important $59,000-$61,000 demand zone. A decisive break below $59,000 would weaken the recovery and could invite renewed selling. On the upside, BTC first needs to reclaim $63,600-$64,400. A stronger close above $65,000-$67,000 would improve the case for a broader rebound.
On-chain signals remain mixed. Long-term holders appear to have resumed gradual accumulation, with net buying estimated in the 50,000-100,000 BTC range. However, exchange deposits had also risen sharply during the recent selloff, with inflows nearing 49,000 BTC on June 30. This suggests that while stronger hands are absorbing supply, near-term volatility risk has not disappeared.
ETF flows are improving, but not yet convincingly bullish. U.S. spot Bitcoin ETFs recorded roughly $2.24 billion in net outflows between June 22 and June 30. July has started on a better note. ETFs have seen about $188.9 million in net inflows through July 8. However, the recovery remains uneven.
Macro is the key swing factor. June U.S. CPI is due on July 14, followed by the July 28-29 Fed meeting. Markets are pricing in only about a 30% chance of a July rate hike. However, they see roughly an 80% probability of a September rate hike. This is keeping the crypto market sensitive to inflation. Oil prices, bond yields, and U.S. dollar strength also remain key factors to watch.
Among top non-stablecoin altcoins, ETH traded at $1,734.41, down 0.96% over 24 hours but up 7.28% over seven days. BNB was at $568.51, down 0.28% in 24 hours and up 3.45% for the week. XRP traded at $1.08, down 0.76% over 24 hours but up 3.04% over seven days. SOL stood at $77.69, down 1.52% on the day and 0.45% over the week. TRX traded at $0.3281, down 0.51% over 24 hours but up 3.77% over seven days. ETH led the group on weekly performance, while TRX held relatively better than most large-cap altcoins.
Our advice: Bitcoin’s recovery remains constructive as long as it holds above the $59,000-$61,000 support zone, but the market is not yet in a confirmed risk-on phase. Investors should avoid chasing sharp intraday moves and wait for BTC to reclaim $65,000-$67,000 with stronger ETF inflows and supportive macro data. Until then, disciplined position sizing and strict risk management remain important.
