Bitcoin Holds Near $62,000 as ETF Inflows Improve but Confirmation Still Missing

Bitcoin traded near $62,000 on July 9, steadying after a volatile start to the week. Market data showed BTC at about $61,994, up 1.32% over 24 hours and 3.27% over seven days. The broader crypto market capitalisation stood near $2.14 trillion, with Bitcoin dominance around 58%, indicating traders remain defensive and are not yet rotating aggressively into altcoins.

Technically, Bitcoin continues to hold its short-term recovery structure, but confirmation is still missing. Immediate support lies around $61,500 to $62,000, followed by the more important $59,000 to $61,000 demand zone. A decisive break below $59,000 would weaken the recovery and could invite renewed selling. On the upside, BTC first needs to reclaim $63,600 to $64,400. A stronger close above $65,000 to $67,000 would improve the case for a broader rebound.

On-chain signals remain mixed. Long-term holders appear to have resumed gradual accumulation, with net buying estimated in the 50,000 to 100,000 BTC range. However, exchange deposits had also risen sharply during the recent selloff, with inflows nearing 49,000 BTC on June 30. This suggests that while stronger hands are absorbing supply, near-term volatility risk has not disappeared.

ETF flows are improving, but not yet convincingly bullish. U.S. spot Bitcoin ETFs recorded roughly $2.24 billion in net outflows between June 22 and June 30. July has started on a better note, with ETFs seeing about $188.9 million in net inflows through July 8. However, the recovery remains uneven.

Macroeconomic factors are the key swing factor. The June U.S. Consumer Price Index (CPI) is due on July 14, followed by the Federal Reserve meeting on July 28-29. Markets are pricing in only about a 30% chance of a July rate hike, but they see roughly an 80% probability of a September rate hike. This sensitivity to inflation keeps the crypto market on edge. Oil prices, bond yields, and U.S. dollar strength also remain key factors to watch.

Among top non-stablecoin altcoins, ETH traded at $1,734.41, down 0.96% over 24 hours but up 7.28% over seven days. BNB was at $568.51, down 0.28% in 24 hours and up 3.45% for the week. XRP traded at $1.08, down 0.76% over 24 hours but up 3.04% over seven days. SOL stood at $77.69, down 1.52% on the day and 0.45% over the week. TRX traded at $0.3281, down 0.51% over 24 hours but up 3.77% over seven days. ETH led the group on weekly performance, while TRX held relatively better than most large-cap altcoins.

Market observers advise that Bitcoin's recovery remains constructive as long as it holds above the $59,000 to $61,000 support zone, but the market is not yet in a confirmed risk-on phase. Investors are recommended to avoid chasing sharp intraday moves and wait for BTC to reclaim $65,000 to $67,000 with stronger ETF inflows and supportive macro data. Until then, disciplined position sizing and strict risk management remain important.