Bitcoin hovers near $62,828 amid U.S.-Iran tensions and July gains
bitcoin hovered around $62,828 after briefly surging just above $63,627, dropping nearly 1% in the last day and over 3% this week.
Ongoing U.S.-Iran tensions have made traders nervous, but July ended on a high note with a more than 7.3% gain and $172.4 million flowing into US spot bitcoin ETFs, even after two months of losses.
Large investors bought over 40,100 BTC
August usually isn't great for bitcoin: average returns are negative and selling pressure from July is still hanging around.
Demand in the US spot market is low right now, but big investors ("whales") have scooped up over 40,100 BTC recently.
Experts say bitcoin needs to break above $65,000 for confidence to return; meanwhile, holding above $62,800 is key.
Analysts: slow accumulation, avoid risky leverage
The crypto fear and greed index sits at 35, so people are playing it safe.
Analysts recommend slow accumulation and avoiding risky leverage until bitcoin consistently stays above $64,000 with strong ETF inflows.