Bitcoin is trading at $64,119, down 1.61% in the last 24 hours. The decline came as Iran signaled that reopening the Strait of Hormuz was not imminent, pushing oil prices higher and reviving inflation concerns. Pre-CPI caution, fresh Bitcoin ETF outflows, Strategy’s BTC sales, and leveraged liquidations added to the selling pressure.
Technical: Bitcoin was rejected from the $65,000–$65,500 resistance zone and has slipped back toward the mid-$63,000s, which is emerging as an important near-term support area. Short-term momentum remains bearish, with price action vulnerable to further volatility ahead of the U.S. CPI report. A recovery above $65,000 would help stabilize the structure, while a break below the mid-$63,000s could increase downside pressure.
Bitcoin continues to consolidate after the recent sell-off, trading in a narrow range around the $64,000 region as buyers and sellers remain balanced. The short-term trend remains sideways, with choppy price action likely to persist in the near term. On the weekly timeframe, Bitcoin remains range-bound, while the monthly chart continues to print a green candle, keeping the broader outlook constructive. The higher-timeframe structure remains intact as long as Bitcoin holds above key support levels, particularly the mid-$63,000s.
Key levels to watch:
• Resistance: $67.3K
• Support: $58.4K
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| Level | Price |
|---|---|
| Resistance | $74K |
| Major Resistance | $67.3K |
| Support | $58.4K |
| Other Support | $53.8K |
The latest U.S. Unemployment Rate came in below expectations, signaling a softer labor market and adding to concerns around economic growth. This has kept investors cautious, while geopolitical uncertainty, rising oil prices, and subdued institutional demand continue to limit Bitcoin’s upside.
The market’s attention now turns to the upcoming U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) releases. These inflation indicators will provide fresh insight into price pressures and could influence expectations for future Fed policy. Softer-than-expected inflation could support Bitcoin by improving rate-cut expectations, while hotter CPI or PPI data may reinforce the higher-for-longer rate narrative and keep prices under pressure.
Spot Bitcoin ETFs recorded net outflows yesterday, signaling a pullback in institutional demand after several days of positive flows. Despite the latest outflow, overall ETF flows remain positive over the past few days, suggesting that institutional interest has not disappeared. However, the recent reversal highlights a cautious, wait-and-watch approach as investors await stronger macro and price confirmation.
Here’s the updated version based on the latest move, ETF flows, softer unemployment data, oil/geopolitical pressure, and upcoming CPI/PPI:
Bitcoin came under pressure over the past week, falling from above $65,000 to around $64,000 as geopolitical tensions, rising oil prices, and pre-CPI caution weighed on risk assets. The latest decline was amplified by negative Bitcoin ETF flows, Strategy’s BTC sales, and leveraged liquidations. Despite the pullback, Bitcoin continues to hold above key support in the mid-$63,000s.
On the monthly timeframe, Bitcoin continues to maintain a green candle, indicating the broader trend remains constructive. The weekly trend remains range-bound, while the short-term outlook has turned more cautious following the rejection from the $65,000–$65,500 resistance zone. As long as Bitcoin holds above key support levels, the higher-timeframe structure remains intact.
Bitcoin remains in a volatile consolidation phase, with macro factors now driving short-term price action. Geopolitical uncertainty around the Strait of Hormuz, higher oil prices, negative ETF flows, and leveraged liquidations have increased selling pressure. However, the broader structure remains intact, with investors now looking toward upcoming inflation data for the next major catalyst.
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Bitcoin is under pressure as rising oil prices and geopolitical uncertainty around the Strait of Hormuz have increased risk-off sentiment ahead of the U.S. CPI and PPI releases. Negative ETF flows yesterday, Strategy’s BTC sales, and leveraged liquidations have added to the selling pressure, while Bitcoin remains below the $65,000–$65,500 resistance zone.
Not currently. Bitcoin remains in consolidation, with mid-$63,000s acting as key support. A break below this level could increase downside pressure, while reclaiming $65,000 could signal renewed strength.
The crypto market is under pressure as rising oil prices and geopolitical uncertainty around the Strait of Hormuz drive risk-off sentiment ahead of U.S. CPI and PPI data. Negative ETF flows, Bitcoin’s rejection near $65,000, and leveraged liquidations are adding to the broader market weakness.
Key support is around $58.4K, while the immediate resistance is near $67.3K now acts as the main resistance level.
Anupam has over 3 years of experience in the crypto industry, having worked with top indian crypto exchanges. He writes about Bitcoin, altcoins, AI, and emerging tech, helping readers understand what’s driving markets and where the digital asset ecosystem is headed.
