Bitcoin’s price is showing signs of improvement, having recently climbed back up to $58,000 after hitting an all-time low. five-month low 53,000 dollars. The digital asset could struggle to reach the price level it was at before.
Recent studies have shown that the number of people who are able to speak English is increasing. post Jackis is a social media expert who specializes in market analysis. He highlighted on the platform X, formerly Twitter, the bearish D1 indicator. It indicated the need to reclaim Bitcoin’s $64,000 area to reverse the current bearish daily trends.
In spite of this cautious outlook, positive signs exist, such as significant flows into Bitcoin Exchange-Traded Funds (ETFs), and long-term BTC holders are accumulating even more BTC.
BTC Struggles To Break Bearish Trend
Bitcoin’s technical analyses suggest that the current bearish trend continues despite recent gains. Jackis insists that even though the Bitcoin price reaches a new high of $60,300 the trend remains bearish. D1 trend indicator BTC’s price is likely to remain bearish until it regains the $64,000 area, which was a significant resistance zone for bulls when BTC first tried to break through this level on 1st July.
Jackis’ analysis projects that the range of the next daily leg will be between $51,000 to $49,000. A pivotal level, $63,800, is the one bulls need to target in order to turn the trend.
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This situation can be reversed. “dip buyers” Bitcoins have seen significant inflows in the US ETF marketSupporting the Bitcoin price in this week, to avoid a further retracement. Consecutive days of inflows will be used to control the selling pressure caused by the German Government’s Holdings.
ETF Inflows and Bitcoin Price Performance
JPMorgan data Shows that the ETFs for spot Bitcoin saw inflows of 882 million dollars during the last week, ending on July 11. This is the highest amount since May 23, with an annual average of $175 millions.
BlackRock’s IBIT and Fidelity FBTC were the two leading ETFs, attracting respectively $403 and $361 millions. Grayscale ETF’s outflow trend continued, with a loss of nearly $87m after three consecutive weeks in which the ETF markets totaled over $1.1bn.
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Crypto analyst CryptoSoulz analyzed Bitcoin’s July price to confirm the bullish forecast. finding Long-term BTC holders, who have purchased more than 85,000 BTC over the last 30 days.
Analysts believe that this long-term accumulation is a positive catalyst for Bitcoin, as it shows confidence in its potential.
CryptoSoulz is similar to Jackis in that it suggests Bitcoin has found support currently. higher time frame The HTF is anticipating that this level will rise, especially in view of the recent negative news.
Analysts have explained, however, that the price of Bitcoin is likely to fall below $54,000, and then drop down towards $49500.
Bitcoin’s price is $58,300 at the time of writing. The 24-hour period has seen a 0.7% increase in Bitcoin prices. BTC wants to maintain its position above those crucial levels.
Chart from TradingView.com, image from DALLE
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Source: www.newsbtc.com
