Bitcoin slips to $63,754 then rebounds amid economic uncertainty
Bitcoin slipped to around $63,754 early August 11 before bouncing back a bit to $64,072.81.
That's a 1.38% drop in the past day, though it's still up slightly over the week.
Analysts say this recent dip is mostly about global economic uncertainty and risky trading positions shaking things up.
Riya Sehgal cites spot ETF support
Riya Sehgal, Research Analyst, Delta Exchange, explained that Bitcoin hit resistance near $65,500 and then slid after traders with big bets got liquidated.
Still, she pointed out that demand from big investors through spot ETFs is helping keep prices afloat, as long as Bitcoin stays above the $63,600-$63,800 area.
Rising oil prices and global tensions are also making investors nervous and pushing some toward safer options like gold.
Crypto investors are not alone
So if your crypto portfolio looks a bit red today, you're definitely not alone!