Vikram Subburaj, CEO, Giottus.com
Bitcoin traded near $63,800 on July 7, holding above the $63,000 mark after recovering from late-June weakness. CoinMarketCap showed BTC at about $63,786, up 0.62% over 24 hours, with daily trading volume near $35.9 billion. The rebound has improved short-term sentiment, but it is still too early to call it a decisive trend reversal.
Technically, Bitcoin’s immediate support lies around $62,600, followed by the important $60,000 zone. A break below this range could invite renewed selling pressure. On the upside, BTC faces resistance around $65,000-$67,000. A daily close above this band would strengthen the recovery case, while failure to clear it may keep the asset range-bound.
On-chain data presents a mixed picture. CoinDesk, citing Glassnode, reported that long-term holders have returned to net accumulation. On a net basis, they have accumulated roughly 50,000-100,000 BTC. Smaller wallets and mid-sized holders appear to be leading the dip-buying, while the largest whale cohort remains closer to neutral. Separately,CryptoQuant data, cited by The Block, showed a sharp rise in Bitcoin exchange deposits near the end of June. This is a signal that often precedes higher market volatility.
ETF flows remain a key swing factor. Farside Investors’ latest Bitcoin ETF table showed individual fund flows for July 6. These flows added up to roughly $112.6 million in net inflows. However, the official net total had not yet been published on the table. July 7 ETF data was not final yet.
Macro remains important for crypto. Reuters reported that Fed Governor Christopher Waller sees high inflation as the Fed’s biggest risk. Traders are assigning roughly a one-in-four chance of a July rate hike. Markets also expect interest rates to rise by September.The July 14 US CPI print and July 28-29 FOMC meeting will therefore be closely watched.
Among major altcoins, Ethereum traded near $1,793, BNB around $582, XRP near $1.14, Solana around $81.80, and TRON near $0.329. Gains remain selective, suggesting investors are cautious despite Bitcoin’s stabilisation.
Our advice: 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 BTC sustains a move above the $65,000-$67,000 resistance zone, supported by stronger ETF inflows and softer macro signals. Until then, rallies may continue to face selling pressure near resistance. Investors should avoid chasing sharp intraday moves. Instead, they should focus on disciplined accumulation near key support levels. The $62,600 and $60,000 zones remain important areas to watch. Position sizes should also be kept under control ahead of the U.S. CPI release and the July FOMC meeting.