Bitcoin has recovered toward the $63,000 area after a sharp late June selloff, helped by the first meaningful return of institutional demand in several sessions. U.S. spot Bitcoin ETFs attracted roughly $224 million in net inflows, ending a multi-day streak of persistent withdrawals that had weighed heavily on market sentiment.
While one positive session does not reverse the broader trend of June outflows, it suggests institutional investors are becoming more willing to add exposure following the recent correction.
Softer U.S. macro data supports risk assets
The latest U.S. Nonfarm Payrolls report reinforced expectations that the Federal Reserve may adopt a less restrictive policy path later this year. Lower Treasury yields and a weaker U.S. dollar have improved the environment for liquidity-sensitive assets, allowing Bitcoin and the broader cryptocurrency market to recover from recent lows. Investors are now waiting for the upcoming Fed meeting minutes and fresh inflation data for additional guidance on the interest rate outlook.
Technical picture remains fragile despite rebound
The daily chart shows Bitcoin attempting to stabilize after successfully defending the area around $60,000 before rebounding toward the $63,000 region. Even so, the price remains below its short, medium, and long-term moving averages, indicating that the broader downtrend has not yet been reversed. The recent recovery appears corrective for now, and buyers will need to reclaim nearby resistance around the declining moving averages before a more constructive medium-term outlook can develop. Failure to hold above recent support would increase the risk of another test of the latest lows.
Market focus shifts to institutional demand
The next major catalyst will likely come from the consistency of ETF flows and the broader macroeconomic backdrop. Continued inflows into spot Bitcoin ETFs would signal that institutional confidence is gradually returning after June's heavy liquidation phase. However, if macro data strengthens enough to revive expectations of tighter monetary policy, as I warned in Bitcoin rebounds as softer U.S. jobs data lifts risk appetite, Bitcoin could once again face selling pressure as investors reduce exposure to higher-risk assets.
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