Bitcoin slips near $63,400 as daily spot volume drops to $1.19 billion, its lowest level since 2019

Webinar by Vishal Malkan

Bitcoin price dropped near $63,053 in the early August 14 trade, but recovered some of those losses to trade at $63,390.33 (08:42 IST), down 0.11 percent over the last 24 hours and 1.45 percent in a week amid softer-than-expected July CPI and PPI data.

"The muted crypto response reflects weaker market liquidity, with daily spot Bitcoin volume falling to $1.19 billion, its lowest since 2019, versus a $14.7 billion peak in February. Institutional demand also remains subdued, with Bitcoin ETFs recording more than $200 million in outflows this week. Bitcoin needs to break above $65,100 to escape the current range, while $62,000 remains the key support level," Prateek Gupta, Head of Business at Mudrex, said.

According to Riya Sehgal, Research Analyst at Delta Exchange, the near-term view remains neutral to cautious. "The macro setup is improving, but Bitcoin has yet to confirm a broader risk-on move. ETF flows, options expiry dynamics, regulatory developments and upcoming US macro data will remain the key catalysts."

Here's how major cryptocurrencies moved over the past 24 hours.

"BTC is consolidating around $63.5K, with the $63,000–$62,400 zone acting as the main downside area to monitor. A sustained loss of this region would make $61,200–$60,000 the next important liquidity/support zone. On the upside, analysts are watching the $64,000 first, followed by the stronger $65,200–$65,500 resistance. RSI remains neutral, and BTC is below several key moving averages," Nischal Shetty, Founder at WazirX, said.

Vikram Subburaj, CEO of Giottus, suggests, "Investors should avoid chasing short-lived rallies while Bitcoin remains below $64,500-$66,000. Staggered accumulation, limited leverage and disciplined position sizing remain preferable until stronger ETF and spot demand confirm the recovery."