Bitcoin holds $64,000 as buyers return, but risks linger

Bitcoin held near $64,000 after a roughly 6% weekly gain, with Cointelegraph reporting renewed demand across spot, futures and US spot Bitcoin exchange-traded fund markets. For everyday investors, the move is a reminder that crypto rallies are shaped by more than the headline price: flows, leverage and macro news can all change the setup quickly.

Bitcoin was quoted at $64,145.75, up 1.29%, in the market data shown with Cointelegraph’s report. The token recently bounced about 4.4% from a low near $62,100, according to the same report, while sentiment remained cautious.

Cointelegraph said spot and futures cumulative volume delta showed a $925 million net buying day for Bitcoin on July 15. Cumulative volume delta, or CVD, tracks whether executed trades are more tilted toward buyers or sellers. A positive reading suggests buyers were taking more of the available supply during that period.

That buying helped absorb the price and open-interest pullback that followed the latest CPI data, Cointelegraph reported. CPI, short for Consumer Price Index, is a widely watched inflation measure because it can influence expectations for Federal Reserve rate policy. Higher expected rates can weigh on risk assets by making safer yield more attractive.

ETF demand also improved over two sessions. Cointelegraph reported that spot Bitcoin ETFs posted $107.7 million of net inflows on July 15, following $181 million on July 14. A spot Bitcoin ETF is a fund that trades on a stock exchange and gives investors exposure to Bitcoin’s spot price, making ETF flows a useful gauge of demand from traditional brokerage accounts.

Leverage cooled without a sharp price break

Derivatives data gave a more mixed signal. According to Cointelegraph, Bitcoin funding rates spent much of the past week between 0.10% and 0.22% before dropping to 0.048%. Funding rates are periodic payments between traders in perpetual futures, and elevated rates can show that bullish leveraged bets have become crowded.

Open interest, which measures the total value of outstanding futures contracts, fell 3.4% from Tuesday’s high, Cointelegraph said. Bitcoin’s price slipped only about 1.5% over the same stretch. Cointelegraph interpreted that as leveraged long traders reducing exposure after Bitcoin moved toward local range highs around $65,000 to $66,000, rather than a broader market break.

Sentiment has not matched the improvement in trading flows. Cointelegraph said the Fear & Greed Index was near 26, still in “Fear” territory. The index is a market mood gauge that attempts to summarize whether traders are acting fearful or greedy. Some traders use weak sentiment alongside improving flows as a contrarian signal, though the report did not present that as confirmation of a new trend.

Macro risks remain in the frame

Cointelegraph also pointed to outside risks that could pressure Bitcoin. The report cited the resumption of the US war in Iran, oil prices rising above $85, and market projections for a Federal Reserve rate increase by September 2026 remaining above 44%.

The report cautioned that two days of stronger buying do not prove a lasting trend change. Cointelegraph noted that spot Bitcoin ETF flows remain negative for the year, funding is moving closer to neutral, and a cluster of long liquidations sits around $63,200, about 1.5% below the price level cited in the report.

Long liquidations happen when traders using borrowed money to bet on higher prices are forced out as prices fall. That can add selling pressure if the market drops into a crowded liquidation zone. For now, Cointelegraph’s data points to a better short-term tone for Bitcoin, while also showing why the rebound has not removed the main risks around leverage, flows and macro news.

This story draws on original reporting from Cointelegraph.