As of 12:26 pm IST, Bitcoin was trading at $114,102, down 0.1% in the past 24 hours, after briefly dipping to $112,700. Ethereum also slipped 0.32% to $3,634, while altcoins such as XRP, Solana, Dogecoin, and Cardano declined between 2% and 3%.
The total global cryptocurrency market capitalisation dropped 0.59% to $3.72 trillion, according to data from CoinMarketCap.
Crypto Tracker
“Bitcoin is trading below all key EMAs on the 1-hour chart, signaling short-term bearish momentum,” said Riya Sehgal, Research Analyst at Delta Exchange. “BTC bounced from $112,000 but now faces resistance between $114,500 and $115,500. Liquidity heatmaps suggest a potential move towards $116,000 before a possible pullback.”Sehgal noted that Bitcoin ETFs recorded $196.2 million in outflows on August 6, reflecting institutional caution or profit-taking. In contrast, Ethereum ETFs saw $73.3 million in inflows, signaling growing interest as ETH holds above short-term EMAs but struggles to break the 200 EMA level of $3,620.
“Bitcoin is consolidating around $114,000 after failing to break resistance at $115,000,” said Edul Patel, Co-founder and CEO of Mudrex. “Glassnode’s cost basis data indicates strong buying pressure at current levels. For a sustained bullish move, a breakout above $116,000 is essential. Otherwise, a breach below $112,400 could trigger a retest of $110,000.”CoinSwitch Markets Desk analysts added that Bitcoin is rangebound at a critical trendline support. “A sustained move below the $112,000 mark could signal a breakdown in market structure,” they said.Meanwhile, the Bitcoin ETF market continues to see heavy outflows, with $118 million withdrawn recently, bringing the four-day total to $1.36 billion. Ethereum ETFs have also recorded outflows for three consecutive days, totaling $632 million.
Regulatory Shift and Macro Data
In a key regulatory development, the U.S. Securities and Exchange Commission (SEC) clarified that certain crypto liquid staking activities do not fall under securities offerings — a move seen as a step toward clearer digital asset regulations.
On the macro front, the U.S. ISM Non-Manufacturing PMI fell to 50.1 in July, missing expectations of 51.5. The lower reading indicates slowing growth in the U.S. services sector, adding to investor caution across risk assets, including cryptocurrencies.
Outlook
“Bitcoin is hovering just below the stubborn $115,000 resistance, signaling broader market indecision,” said Sathvik Vishwanath, Co-founder and CEO of Unocoin. “The RSI trending below the neutral 50 mark indicates weakening momentum. A close above $115,000 could revive bullish sentiment, with the next target in the $118,000–$120,000 range.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)