Bitcoin Nears $63.5K Weekly Close as Trader Warns of Monday Volatility

Bitcoin is testing its 200-week simple moving average at about $62,700 after a recent pullback. Whether the long-term trend indicator can turn into support will be critical to extending the rebound. Trading firm QCP Capital said cooling US employment data and renewed inflows into spot Bitcoin ETFs could improve risk appetite for crypto assets.

Bitcoin rose to $63,450 on July 4 as a three-day US holiday left order books thinner, then consolidated near $62,700 ahead of the July 5 weekly close. CoinGlass recorded $167 million in liquidations across the market over 24 hours. Trader Killa warned that each of the past seven Mondays had been weak. US spot Bitcoin ETFs posted net inflows of $224 million on July 2, ending six consecutive days of outflows.