Bitcoin remained under pressure on August 14 despite softer-than-expected US July CPI and PPI data, which had raised expectations of a more supportive macroeconomic environment for risk assets. Bitcoin fell to nearly $63,053 in early trading before recovering some of the losses to trade at $63,390.33 at 08:42 IST. The cryptocurrency was down 0.11 percent over the previous 24 hours and 1.45 percent over the past week.

Market liquidity remains a key concern for Bitcoin. According to Prateek Gupta, Head of Business at Mudrex, daily spot Bitcoin trading volume has declined to around $1.19 billion, its lowest level since 2019, compared with a peak of approximately $14.7 billion in February. Institutional demand has also remained weak, with Bitcoin exchange traded funds recording more than $200 million in outflows during the week.

From a technical perspective, Bitcoin continues to trade within a narrow range. Gupta said the cryptocurrency needs to move above $65,100 to break out of its current range, while $62,000 remains an important support level. A sustained move above resistance could improve the near-term setup, while a break below support would increase downside risks.

Riya Sehgal, Research Analyst at Delta Exchange, described the near-term outlook as neutral to cautious. While the broader macroeconomic backdrop has improved following softer US inflation data, Bitcoin has yet to confirm a wider risk-on move. ETF flows, options expiry dynamics, regulatory developments and upcoming US macroeconomic data are expected to remain important catalysts for the cryptocurrency market.

Nischal Shetty, Founder of WazirX, highlighted the $63,000 to $62,400 region as the immediate downside zone to watch. A sustained break below this area could expose Bitcoin to the $61,200 to $60,000 liquidity and support zone. On the upside, $64,000 is the first level to monitor, followed by stronger resistance around $65,200 to $65,500. The relative strength index remains neutral, while Bitcoin is trading below several key moving averages.

Vikram Subburaj, CEO of Giottus, advised investors to remain cautious while Bitcoin trades below the $64,500 to $66,000 range. He favoured staggered accumulation, limited leverage and disciplined position sizing until stronger ETF and spot market demand provide confirmation of a sustained recovery.

Overall, Bitcoin remains caught between weak market liquidity and improving macroeconomic expectations. A decisive move above the key resistance zone could signal renewed buying interest, while a break below the $62,000 area would increase the risk of a deeper correction.