Bitcoin held above $108,000 over the past 24 hours, according to official exchange data, with the price ranging between $107,876 and $109,400.
Market participants watched as the largest cryptocurrency showed little directional conviction, closing at $108,245 early July 8. Ethereum tracked the same pattern, ending the session at $2,543, down 1.08% from the previous day.
Both assets showed resilience despite a modest pullback, supported by institutional flows and a lack of major macroeconomic disruptions.
ETF inflows continued to provide a stabilizing effect. Bitcoin spot ETFs recorded net inflows of $217 million on July 7, with BlackRock’s IBIT ETF leading at $165 million and Fidelity’s FBTC ETF following at $66 million.
Grayscale’s GBTC ETF posted a minor outflow of $10 million. The total net asset value of Bitcoin spot ETFs now stands at $135.7 billion, representing 6.32% of Bitcoin’s market capitalization.
Ethereum ETFs also attracted $61 million in net inflows, with BlackRock’s ETHA ETF responsible for the bulk of those gains. Technical analysis of Bitcoin’s daily chart reveals a market in consolidation.
The price remains above the 100-day moving average and within the upper half of the Bollinger Bands. The Ichimoku cloud offers support between $106,000 and $107,000.
The Relative Strength Index (RSI) sits at 54.5, indicating a neutral momentum, while the Moving Average Convergence Divergence (MACD) shows flat momentum.
The 4-hour chart confirms this sideways movement, with Bitcoin trading above the 200-period moving average and the RSI at 48.3. Short-term support holds at $107,500, and resistance sits between $108,600 and $109,000.
Ethereum mirrors Bitcoin’s technical posture. The asset consolidates above $2,500, with a neutral RSI and converging moving averages.
The 4-hour chart shows Ethereum compressing within a symmetrical triangle, with resistance near $2,560 and support around $2,478. The market awaits a breakout, and volume remains subdued.
Altcoins delivered mixed results. Solana declined 1.67% to $149.33, while XRP hovered near $2.27, down just 0.09%. Litecoin traded at $86.08, reflecting the broader market’s cautious tone.
Select altcoins such as M and VIC posted outsized gains, with M rising 82% and VIC up 52%. Meanwhile, HIPPO and H saw sharp corrections, dropping 10% and 15%, respectively.
Macroeconomic factors played a secondary role during the session. Equity markets stayed muted, and the Federal Reserve kept rates steady, which helped risk assets maintain support.
Institutional investors, particularly large Bitcoin holders, continued to accumulate, reinforcing the market’s underlying strength. The market’s core narrative centers on consolidation.
ETF inflows and whale accumulation provide a floor for prices, while technical indicators suggest a lack of strong directional momentum. Traders watch for a break above $109,000 in Bitcoin or $2,560 in Ethereum to signal renewed upside.
Until then, the crypto market remains anchored by fundamentals and institutional flows, with volatility subdued and sentiment steady.
