- Bitcoin held above $63,000 on Monday.
- U.S. spot Bitcoin ETFs posted $197 million in net inflows last week.
Bitcoin traded above $63,000 on Monday after recovering from recent losses, supported by renewed inflows into U.S. spot Bitcoin exchange-traded funds and signs of improving market sentiment.
The gains followed the first week of net inflows into U.S. spot Bitcoin ETFs since early May, though analysts cautioned that the market has yet to show signs of a full recovery.
Bitcoin Gains Support From ETF Inflows
Bitcoin traded up to $63,100 on Monday after slipping roughly 1.5% over the previous 24 hours, keeping the largest cryptocurrency above the closely watched $60,000 support level.
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The move came amid broader volatility across global markets following reports of renewed tensions between the United States and Iran.
U.S. spot Bitcoin ETFs saw $197 million in net inflows from July 6 to July 10, ending an eight-week streak of withdrawals, according to SoSoValue data.
Meanwhile, CryptoQuant said its market-risk Composite Index is showing signs of stabilization after recent selling pressure.
The index stood near 0.484, above levels seen at major cycle bottoms in 2015, 2018 and 2022, suggesting the market reset remains limited rather than a full bottom.
“Partial reset — normalization has started,” said the report, “But the current reading has not matched prior cycle-bottom trough depth.”
Trader Commentary Points to Bullish Sentiment
Commentary from several cryptocurrency traders on X suggested limited appetite for betting against Bitcoin despite recent volatility.
Trader @astronomer_zero said he expects Bitcoin to continue higher, identifying $66,000 as a potential next target while arguing that the recent pullback may represent a market bottom.
The trader said he sees little reason to bet against Bitcoin at current levels and would add to his position only if the cryptocurrency drops between $61,000 and $62,000.
Why This Matters
The return of inflows into U.S. spot Bitcoin ETFs suggests institutional demand may be stabilizing after weeks of sustained withdrawals, providing support for Bitcoin prices
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