Bitcoin is trading around $64.5K, holding above the June lows near $60K. The 4-hour chart shows that a consolidation phase has emerged following the sharp selloff.
Price has moved back above the short-term moving averages (20 and 50 EMA), but remains below the 200-period moving average near $68K, keeping the medium-term trend bearish. Immediate resistance is located in the $66K–68K area, while support remains in the $62K–63K range. A breakout above $68K could provide the first signal of renewed buying interest, whereas a drop below $62K would reopen the path toward a retest of the June lows.
What is happening in the market now
Following the sharp correction seen in early June, the market has stabilized. Pressure from ETF outflows has eased considerably, while long-term holders continue to accumulate Bitcoin, helping the price remain above $64K. Investors are closely monitoring spot Bitcoin ETF flows and signals from the Federal Reserve, as these factors remain the primary drivers of sentiment across the crypto market.
Institutional demand remains key
Despite June's volatility, institutional interest in Bitcoin remains intact. Large investors continue to use market pullbacks as accumulation opportunities, although the market has yet to attract sufficient capital inflows to restart a sustained uptrend. I still believe that a return of bullish momentum will require either renewed ETF inflows or a meaningful improvement in the macroeconomic environment.
What to watch in the coming days
In the short term, the key range to monitor remains $64K–68K. If buyers manage to establish a foothold above the upper boundary of this range, the market could enter a more convincing recovery phase. For now, however, Bitcoin remains in wait-and-see mode, with geopolitical risks, Federal Reserve policy, and ETF flows continuing to shape market direction, as I noted in my article Bitcoin struggles for direction amid macroeconomic uncertainty. The base-case scenario remains continued consolidation with a moderately positive bias, but without confirmation of a full trend reversal.
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