Bitcoin climbs over $63,000 as buying interest returns; key on-chain metric signals market stabilization
Synopsis
Bitcoin climbed past $63,000 as buying interest returned on Tuesday. Key on-chain metrics indicated market stabilization after recent fluctuations. Ethereum also saw gains, supported by stronger network activity and stablecoin supply. Major altcoins experienced mixed movements, with some falling and others rising. Analysts suggest further confirmation is needed for a decisive trend reversal.
Bitcoin climbed over the $63,000 mark on Tuesday as buying interest returned, while key on-chain metric signalled market stabilisation. The cryptocurrency was trading at $63,163 mark.
In the past 24 hours, Bitcoin slipped marginally by 0.2% and Ethereum was down 0.5% to trade at $1,770 mark. Among the major altcoins, BNB, XRP, Hyperliquid, Dogecoin, and Cardano fell up to 4% whereas Solana and Tron were up 0.1% and 0.4%.
Also Read |NFO Insight: Can AlphaGrep’s algorithm-driven multi-asset fund deliver better risk-adjusted returns?
Crypto TrackerTOP COINS (₹) Tether95 (-0.02%)USDC95 (-0.04%)Bitcoin6,007,068 (-0.32%)Ethereum168,154 (-0.74%)BNB55,058 (-1.06%)Nischal Shetty, founder, WazirX said market data also shows Bitcoin’s realized profit-to-loss ratio has fallen to a 43-month low, a level historically associated with periods of market stabilization.
Ethereum traded around $1,813, up 1.58%, supported by stronger network activity. The network continues to host nearly $153 billion in stablecoin supply, while sustained Ethereum withdrawals from exchanges suggest lower near-term selling pressure, Shetty said.
Live Events
The global crypto market capitalisation edged down 0.3% to $2.18 trillion, according to . Bitcoin ETFs witnessed 8 straight weeks of outflows, not seeing a single week of net inflows since early May, said CoinDCX Research Team.
Ethereum and Bitcoin were up 12% and 6% respectively in the past week. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied up to 25%.
Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin has moved back near $63,000, but the technical setup needs confirmation. A 4-hour close above $64,000–$64,300 would improve the structure, while a break below $62,000 can bring $61,000 back into focus.
What other analysts say
Vikram Subburaj, CEO, Giottus
The rebound has improved short-term sentiment, but it is still too early to call it a decisive trend reversal. Bitcoin’s recovery above $63,000 is constructive, but the market is not yet out of the woods. The next confirmation will come only if Bitcoin sustains a move above the $65,000-$67,000 resistance zone, supported by stronger ETF inflows and softer macro signals.
Also Read |12 equity mutual funds deliver over 15% XIRR on SIP investments in 3 years. Are there any included in your portfolio?
CoinSwitch Markets Desk
Bitcoin rebounded to $64K from $61.3K, with the market shrugging off Strategy’s sale and quickly regaining ground. The 9% funding rate points to balanced, healthy positioning rather than overheated leverage.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
