Bitcoin (BTC) fell back to the $60,000 support level on July 3, indicating continued bearish pressure. 📉 Breaking through the $60,000 to $56,552 support zone may not be easy as the bulls are likely to defend it. This could keep Bitcoin within a wide range for some time to come.

The risk for Bitcoin to continue its sideways move could come from selling pressure created by Mt.'s creditors. Gox, who may be rushing to take profits after receiving their returns in early July.

However, lower levels are likely to see buying from U.S. Bitcoin exchange-traded funds, which have collected $14.8 billion in net inflows since their launch in January.

It's difficult to predict how much Bitcoin lenders Mt. Gox will be dumped on the open market as some may pass through OTC tables. This uncertainty could cause volatility in the next few days.