Bitcoin Price Update

Bitcoin’s price rose slightly on Thursday, gaining 0.9% to $64,434.0 by 09:38 ET (13:38 GMT). Gains remain limited as cryptocurrency markets are pressured by a rebound in the dollar and Wall Street’s retreat from record highs. Asian markets are showing more optimism due to stimulus measures in China.

Investors Eye Key $65k Resistance Level

Bitcoin continues to trade below the $65,000 level, which many traders see as a crucial resistance point. Since hitting a record high in March, Bitcoin has traded between $50,000 and $60,000 for most of the year. A dormant Bitcoin wallet with about $3 million recently reawakened, adding to market anxieties.

The expiry of contracts on Bitcoin and Ether worth billions is expected to introduce volatility in the markets. Focus is also on the possible approval of options linked to BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) by the SEC, which could draw institutional capital into crypto.

Dollar Rebound Affects Crypto Markets

A rebound in the dollar has placed downward pressure on crypto markets. The dollar bounced back sharply from a year-low due to uncertainty surrounding future interest rates from the Federal Reserve. Chair Jerome Powell is expected to provide more insights later on Thursday, alongside key economic readings including PCE price index data on Friday.

Broader Crypto Market Trends

Most cryptocurrencies experienced limited gains. Ether traded flat at $2,619.96, while other altcoins like XRP, SOL, ADA, and MATIC increased between 0% and 3.8%. Memecoin DOGE notably jumped 5.3%.

Bitcoin ETFs and Inflows

In the U.S., spot bitcoin ETFs recorded their fifth consecutive day of inflows, totaling $105.84 million. BlackRock’s IBIT saw inflows of $184.38 million. Conversely, Ark Invest and 21Shares’ ARKB reported net outflows. Collectively, these ETFs have achieved $17.94 billion in net inflows since their January debut, with spot ether ETFs also tracking positive flows of $43.23 million.

Ambar Warrick contributed to this report.