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Rising back to the $58,000 mark after a five-month low of $53,500, the Bitcoin price has lately exhibited indicators of recovery. Technical study, however, indicates that the digital asset would find it difficult to overcome important benchmarks, therefore maybe returning lower pricing levels.
Bearish Trend Indicators
Based on the bearish D1 trend signal on the 12-hour chart, market analyst Jackis emphasizes the importance of Bitcoin in reclaiming the $64,000 zone to reverse the general negative daily trend. Jackis underlines that the D1 trend signal stays negative even if the price of Bitcoin launches a second leg upward to $60,300; unless BTC manages to reclaim the $64,000 zone, which has previously shown to be a huge obstacle for the bulls.
Jackis‘s study indicates that the next daily leg’s goal range is expected to be between $51,000 and $49,000, with a critical milestone around $63,800 that bulls have to aim to reverse the daily trend.
Support from Bitcoin ETFs
Notwithstanding the cautious view, there are positive indicators like large inflows to Bitcoin exchange-traded funds (ETFs) and long-term holders building more Bitcoin. With an average daily value of $175 million and spot Bitcoin ETFs seeing inflows of $882 million for the week ending July 11, JPMorgan data showed the greatest inflows since May 23.
Attracting $403 million and $361 million respectively, BlackRock’s IBIT ETF and Fidelity’s FBTC drove the jump. Grayscale’s ETF, meanwhile, kept following its outflow pattern, losing around $87 million after three weeks of withdrawals totaling more than $1.1 billion in the ETF market.
Long-Term Holder Accumulation
Supporting the positive view, crypto analyst CryptoSoulz examined Bitcoin’s price performance in July in great detail and discovered that long-term holders have amassed BTC totaling over 85,000 BTC over the last thirty days. The expert claims that this build-up by long-term investors is a positive stimulus for the price, therefore expressing faith in the promise of Bitcoin.
Anticipating a comeback from this level, especially given the recent unfavorable news, CryptoSoulz says Bitcoin is now finding support in the higher time frame (HTF). The expert clarified further, nevertheless, that the next level of support is likely around $49,500 should the Bitcoin price fall short of the $54,000 zone in the upcoming days.
Right present, the price of Bitcoin is $58,130; it has surged only 2.13% in the 24-hour period as BTC seeks to consolidate above the specified critical levels.
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