Bitcoin traded just above $63,500 on Tuesday after recovering from a weekend drop below $62,000, but the rebound remained limited as investors received fresh US inflation data and monitored continued outflows from spot Bitcoin exchange-traded funds (ETFs).
The cryptocurrency moved around $62,504 after briefly falling to $61,794 before climbing as high as $63,871 during the session. Despite the recovery, Bitcoin remains below key resistance levels after failing to sustain gains above $64,000.
JUST IN: Bitcoin pumps to $63,871 🚀 pic.twitter.com/lAQ4aE5VgN
— Bitcoin Magazine (@BitcoinMagazine) July 14, 2026
ETF outflows add pressure on Bitcoin
Bitcoin continued to face selling pressure after US spot Bitcoin ETFs recorded $424.7 million in net outflows on July 13, according to Farside Investors.
BlackRock’s IBIT led the withdrawals with $185.5 million in outflows, followed by Fidelity’s FBTC, which lost $245.6 million. The sharp withdrawals erased the previous day’s $90.4 million in net inflows and reduced one of Bitcoin’s major sources of spot demand.
Just last week, Bitcoin and major cryptocurrencies moved higher after a US official confirmed that technical talks with Iran will continue despite renewed tensions in the Middle East.
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Can inflation data decide Bitcoin’s next move?
Markets are closely watching the June US Consumer Price Index (CPI) report, which was released Tuesday, followed by Federal Reserve Chair Kevin Warsh’s testimony before the House Financial Services Committee.
A stronger-than-expected inflation reading could reduce expectations for interest rate cuts, lifting bond yields and putting additional pressure on risk assets such as Bitcoin. Softer inflation data, however, could improve market sentiment and support another attempt to reclaim higher price levels.
At the same time, geopolitical tensions remained in focus after renewed US-Iran hostilities pushed Brent crude oil above $85 per barrel, raising concerns that higher energy prices could keep inflation elevated.
What are the key Bitcoin price levels to watch?
From a technical perspective, Bitcoin remains below the 0.786 Fibonacci retracement level at $63,131, while the Supertrend indicator continues to show resistance around $64,004.
On the four-hour chart, the Relative Strength Index (RSI) remained below neutral, suggesting buyers have yet to regain control. Immediate support sits near $61,560, while stronger resistance is seen between $64,000 and $64,690.
Liquidation data from CoinGlass also shows large leveraged positions clustered below $61,500 and above $64,800, indicating the market could see increased volatility if either level is breached.
Crypto analyst Ted Pillows said a daily close below the $62,000-$62,500 range would weaken Bitcoin’s short-term outlook. Another analyst, Lennaert Snyder, said he expects a move toward $60,400 if selling pressure continues after the inflation report. Until Bitcoin breaks above major resistance, traders are likely to remain focused on macroeconomic data for the next directional move.
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