Bitcoin slips below $63,000 to a two-week low as weak Coinbase earnings and fading optimism weigh on sentiment

In the past 24 hours, Bitcoin fell 2.04% and Ethereum was down 2.02% to trade at $1,865 mark. Among the other major altcoins, XRP, Solana, Tron, Hyperliquid, Dogecoin corrected upto 6.53% whereas BNB and Cardano rallied upto 1%.

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Piyush Walke, Derivatives Research Analyst, Delta Exchange said Bitcoin slipped below the $63,000 mark on Friday amid fading optimism surrounding U.S. crypto legislation and weaker-than-expected earnings from Coinbase Global Inc. and Strategy Inc., signaling that speculative investors are pulling back from the market.

global liquidity conditions and trends in the technology sector, making August a crucial month that could determine Bitcoin's next major directional move, Walke said.

cryptocurrency market lost significant value in recent sessions, with bitcoin falling, as expectations that the U.S. Federal Reserve will cut interest rates faded and investors pulled money from spot exchange-traded funds.

Ethereum was up 0.48% in the past week whereas Bitcoin was down 1.55%. Among the major altcoins, XRP, Solana, Tron, Hyperliquid corrected upto 9.76% whereas BNB, Dogecoin and Cardano gained upto 4.58%.

Nischal Shetty, Founder, WazirX said Crypto markets remained cautious this week as investors balanced improving geopolitical conditions with uncertainty around the U.S. Federal Reserve’s policy outlook.

Shetty further said institutional flows remained mixed, with Bitcoin ETF outflows highlighting short-term caution, while Ethereum continued to see accumulation interest and with the Fear & Greed Index in the Fear zone, traders are monitoring macro signals, liquidity conditions, and Fed commentary for the next market direction.

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Here is what other analyst say

Harish Vatnani, Head of Trade, ZebPay

Bitcoin started the week on a positive note and rallied to the $66,000 level. However, it failed to sustain the gains, leading to profit booking that pushed the price back toward the $63,000 level. Overall, the cryptocurrency market continues to reflect mixed sentiment amid ongoing global macroeconomic and geopolitical developments.(

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