Bitcoin is trading near $63,579 after recovering from a flush below $60,000 earlier this month. The asset remains below its 50, 100, and 200 EMAs on the 4-hour chart. Market structure stays technically weak in the near term.
The $64,000 level is the immediate resistance to clear. A sustained close above that zone targets $66,500. A slide back below $61,600 risks exposing the $59,000 to $60,000 support band once again.
Speaking about the current market conditions, Akshat Siddhant, Lead Quant Analyst, Mudrex, stated, “Bitcoin is showing strong resilience despite growing geopolitical and macro concerns. The closure of the Strait of Hormuz has pushed oil prices higher, increasing inflation concerns across global markets.”
He further added, “US PPI inflation surged 6.5%, prompting traders to price in a roughly 40% probability of a by September. The market is seeing active capital rotation from digital assets toward high-momentum growth opportunities, specifically AI equities and today’s SpaceX IPO. Currently trading above $63,000, BTC’s immediate support has moved up to $61,600, suggesting a possible uptrend from current levels.”
Meanwhile, Riya Sehgal, Research Analyst, Delta Exchange, noted, “Crypto markets are showing signs of stabilisation after a sharp risk-off phase, but the rebound is not yet strong enough to qualify as a trend reversal. Bitcoin is testing the $63,000 to $64,000 resistance zone, while Ethereum is holding above short-term support near $1,650.”
She further explained, “US producer inflation came in hotter, with PPI rising 1.1% in May, reinforcing concerns that inflation pressure remains sticky. Initial jobless claims rose to 229,000, showing mild labour-market softness without confirming a hard-landing signal. Bitcoin needs to sustain above $64,000 and reclaim $66,500 for stronger upside, while Ethereum needs a clean move above $1,720 to $1,800. Until then, rallies remain vulnerable to selling pressure.”
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WazirX Market Desk also gave a clear view of the current market scenario, “Bitcoin trades near $63,536, with daily technicals still cautious as moving averages remain above spot, though RSI has improved to 32.84. Sentiment indicators are nearing levels last seen around the 2022 bottom. The upcoming FIFA World Cup is being tracked as a possible catalyst for renewed market activity.”
WazirX further added, “Ethereum trades near $1,674 with RSI improving to 31.45 as buyers return near lower levels. could strengthen market legitimacy by treating digital assets like financial instruments, lowering future tax friction across Asia.”