Stock Market LIVE Updates, Sensex Today: Markets Likely To Open Higher As Oil Drops Below $90 Amid US-Iran War

Vikram Subburaj, CEO, Giottus.comBitcoin was trading around $65,000 on July 28, extending its recovery from the early-July low near $57,750 but continuing to struggle below a key resistance zone.The world's largest cryptocurrency has regained more than 12% from its monthly low. However, the rally has lacked strong conviction. Bitcoin is still struggling to make a decisive move above the $68,000 level. Institutional inflows remain subdued. Macroeconomic uncertainty is also keeping investors cautious and limiting risk appetite.The immediate technical picture remains finely balanced. Bitcoin has established $64,000-$65,000 as its first support zone, followed by stronger support around $62,500-$63,000 and the psychologically important $60,000 level. The $66,800-$68,000 range is the first major resistance level for Bitcoin. If Bitcoin moves above this range, the next key level is $69,000-$70,000. A strong close above $69,000-$70,000 could indicate fresh bullish momentum. It would also improve the medium-term market outlook.Institutional demand has softened after a strong run earlier this month. US spot Bitcoin ETFs attracted robust inflows during mid-July before witnessing two consecutive sessions of sizeable outflows last week as investors booked profits near resistance. Although cumulative ETF inflows remain positive for the month, the pace has slowed recently. This moderation has limited Bitcoin's upward momentum. As a result, Bitcoin has been unable to break above key resistance levels despite improving market sentiment.On-chain metrics remain considerably healthier than price action suggests. More than 60% of circulating Bitcoin supply has remained dormant for over one year, while exchange reserves continue to hover near multi-year lows. This indicates that long-term holders are largely unwilling to distribute coins despite recent volatility. The persistent decline in exchange balances continues to reduce immediately available selling supply, providing structural support even as ETF demand softens.Among large-cap cryptocurrencies, Ethereum remains one of the stronger large-cap cryptocurrencies. It is trading near $1,893 and is performing better than most major altcoins ahead of the Fed meeting. Solana is also performing better than Bitcoin, gaining around 1.7% during the session. Meanwhile, XRP and BNB are moving in line with the overall market as investors remain cautious.The market's immediate focus is the 29 July Federal Reserve policy decision, where futures markets overwhelmingly expect policymakers to leave interest rates unchanged. Investors will instead scrutinise Chair Jerome Powell's guidance on the timing of potential rate cuts. Markets will next watch the US GDP, inflation, and jobs data. These reports could affect the US dollar and market liquidity. This could also impact cryptocurrencies and other risk assets.Our advice: For investors, patience remains the prudent approach. A convincing move above $68,000-$70,000 would strengthen the bullish case, while a break below $64,000 could trigger another test of lower support levels. Until macro uncertainty eases and institutional demand regains momentum, staggered accumulation and disciplined risk management remain preferable to chasing short-term price swings.