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Bitcoin (BTC) edged lower on Thursday, trading at $64,524 as liquidity thinned and risk appetite in broader markets failed to translate into fresh crypto inflows. While the pullback was modest, the combination of falling volume and persistent ‘extreme fear’ readings suggested traders remained cautious despite a recent rebound earlier in the week.
As of Thursday 1:00 p.m. in Seoul (Thursday 12:00 a.m. ET), BTC was down 0.28% on the day. Total trading volume slid 6.29% to roughly $27.16 billion, a sign that both buyers and sellers were stepping back rather than pressing directional bets. The day’s realized move was similarly muted, with BTC down 0.21% over the session.
The latest five-day sequence underscored an uneven post-rebound market: BTC posted a sharp gain on July 14, followed by two consecutive sessions of mild declines through July 16. That pattern points to lingering volatility without a clearly re-established uptrend, as traders continue to test whether dip-buying demand is durable or merely tactical.
Traditional market signals were mixed but broadly supportive of risk assets. The S&P 500 rose while gold fell, typically reflecting a tilt toward higher-risk positioning. Bitcoin, however, did not fully participate, which highlighted how crypto can decouple when market-specific positioning and liquidity conditions dominate short-term behavior.
Momentum indicators also painted a split picture across timeframes. Daily MACD remained positive at 143.22, indicating that near-term momentum has not fully rolled over. On a weekly basis, MACD stayed deep in negative territory at -5,811.59, suggesting the medium-term trend is still under pressure and rallies may face overhead supply.
Sentiment gauges remained defensive. Bitcoin dominance slipped to 58.31%, down 0.14 percentage points, implying a small rotation away from BTC into altcoins or other pockets of the crypto market. Meanwhile, the Crypto Fear & Greed Index held at 25—still firmly in ‘extreme fear’—signaling that investors have yet to regain confidence even after recent price stabilization.
Interest from the broader public also appeared to cool. Google Trends data for “Bitcoin” fell to 37 from 52 the previous day, suggesting reduced retail attention and fewer signs of fresh, momentum-driven participation.
On-chain and market-structure data offered a more nuanced backdrop. The Stablecoin Supply Ratio (SSR) rose 1.00% to 11.2036, meaning Bitcoin’s market capitalization increased relative to stablecoin supply—often interpreted as a sign that stablecoin-based ‘dry powder’ is comparatively less abundant at current levels. Net Unrealized Profit/Loss (NUPL) climbed 1.08% to 0.1838, indicating a slight improvement in holders’ unrealized profits, but not at levels typically associated with overheating.