Bitcoin Price Analysis: Can BTC Break Bearish Trend?
Recently, the Bitcoin price has shown signs of recovery, climbing back to $58,000 from a five-month low of $53,500. However, technical analysis indicates that the digital asset may struggle to surpass crucial indicators and could revisit lower price levels.
Challenges in Breaking Bearish Trend
Despite the recent bounce back, Bitcoin’s technical analysis suggests that the bearish trend still persists. Market expert Jackis points out the bearish D1 trend indicator on the 12-hour chart, emphasizing the need for Bitcoin to reclaim the $64,000 zone to reverse the prevailing bearish daily trend.
- Bitcoin needs to break above $60,300 to change the trend
- Failure to surpass $64,000 could lead to lower levels
- Pivotal resistance level at $63,800 for bullish reversal
The target range for the next daily leg is projected to be between $51,000 and $49,000, with a pivotal level at $63,800. Dip buyers have returned, with significant inflows into the US Bitcoin ETF market, supporting the price and preventing a deeper retracement.
ETF Inflow Impact on Bitcoin Price
JPMorgan data reveals that spot Bitcoin ETFs saw inflows of $882 million in the week ending July 11, averaging $175 million per day, the highest since May. BlackRock’s IBIT ETF and Fidelity’s FBTC led the surge, while Grayscale’s ETF continued to experience outflows.
- $882 million inflows in spot Bitcoin ETFs last week
- BlackRock and Fidelity ETFs leading the surge
- Grayscale’s ETF facing continuous outflows
Crypto analyst CryptoSoulz found that long-term holders accumulated over 85,000 BTC in the past month, signaling confidence in Bitcoin’s potential. This accumulation by long-term holders is considered a bullish catalyst for the price. Bitcoin is finding support in the higher time frame (HTF), with expectations of a bounce, despite recent bearish news.
- Long-term holders accumulating over 85,000 BTC
- Positive signal for Bitcoin’s price
- Expectation of bounce from current support levels
Current Bitcoin Price Scenario
At present, the Bitcoin price is at $58,300, showing a slight 0.7% increase in the last 24 hours as it seeks to consolidate above crucial levels of support. The market remains cautious as Bitcoin attempts to break the bearish trend and sustain its recent recovery.
Hot Take: Bitcoin’s Path Amidst Challenges
As Bitcoin faces hurdles in breaking the bearish trend, the market awaits key indicators and levels to determine its future trajectory. With inflows to Bitcoin ETFs and strong support from long-term holders, there is optimism for a potential reversal in the current situation. Stay tuned for further developments in the Bitcoin price action.
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