Bitcoin price rose from a five-month low of $53,500 to $58,000. However, technical analysis suggests that it may be difficult for the digital asset to surpass major milestones and prices may fall again.
Downtrend Indicators
Based on bearish signals on the 12-hour charts, market analyst Jackis points out the importance of Bitcoin regaining the $64,000 level to reverse the overall negative daily trend. Jackis notes that even if Bitcoin initiates a second up move to $60,300, the D1 trend signal will remain negative unless the bulls reclaim the $64,000 zone.
According to Jackis' analysis, it is stated that the next daily price movement could be between $51,000 and $49,000, and the critical level that the bulls should target to reverse the daily trend is $63,800.
Support from Bitcoin ETFs
Although a cautious outlook is displayed, positive signals such as large inflows into Bitcoin exchange-traded funds (ETFs) and long-term holders accumulating more Bitcoin are noteworthy. According to JPMorgan data, inflows into spot Bitcoin ETFs reached $882 million in the week ending July 11, with an average daily value of $175 million; This was the largest inflows since May 23.
BlackRock's IBIT ETF and Fidelity's FBTC led the rise, pulling in $403 million and $361 million, respectively. Grayscale's ETF continued its upward trend, losing approximately $87 million after withdrawing more than $1.1 billion in total over the past three weeks.
Long-Term Owners' Savings
Another element that supports the positive outlook emerged when crypto analyst CryptoSoulz examined the price performance in July. It was discovered that long-term holders had accumulated a total of 85,000 BTC in the last 30 days. The analyst emphasized that this accumulation could have a positive impact on the price and that confidence in Bitcoin continues.
CryptoSoulz states that Bitcoin has found support on higher time frames, especially despite the recent negative news, predicting that if the price falls below $54,000, the next support level will likely be around $49,500.
Currently, the price of Bitcoin is $58,130; BTC gained only 2.13% in the 24-hour period as it struggled to consolidate above critical levels.
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