Bitcoin near $63,000 as weaker ETF demand and cancelled SEC meeting dampen crypto sentiment

Bitcoin has settled near the $63,000 level as reduced ETF demand and a cancelled SEC meeting have dampened sentiment within the cryptocurrency market. Trading at approximately $63,086 over the past 24 hours, Bitcoin and Ethereum both experienced slight declines of 0.7% and 0.3%, respectively. Major altcoins such as BNB, XRP, Solana, Tron, Hyperliquid, and Cardano recorded losses of up to 1.1%.

The overall value of the global crypto market diminished by 0.4% to $2.24 trillion, according to data from Coingecko. Delta Exchange noted that market participants are cautious, with Bitcoin hovering near $63,000 amid weaker ETF demand and lingering regulatory uncertainties dampening risk appetite. The cancellation of the SEC's planned crypto-rule meeting removed a potential near-term catalyst, while recent spot Bitcoin ETF outflows suggest that institutional buying momentum has weakened.

Over the past week, both Bitcoin and Ethereum declined by 2.8% and 1.6%, respectively. In this period, XRP and Cardano saw decreases of 2.4% and 9.8%, whereas BNB, Solana, Tron, Hyperliquid, and Dogecoin experienced gains of up to 2.9%. Nischal Shetty, Founder of WazirX, stated that Bitcoin has been trading in a range of $63,000 to $65,000, with $62,400-$63,000 acting as support and $64,000-$65,500 as resistance.

Ethereum, on the other hand, held steady around $1,870-$1,885, with support between $1,850-$1,870 and immediate resistance at $1,900-$1,925. Institutional demand remained supportive with strong ETF inflows, but offsetting selling and muted momentum kept both Bitcoin and Ethereum in a consolidation phase.