Bitcoin (BTC) took a 2% hit on July 4, dropping to a new local low of $57,885. This is the first retest of a key support line since October 2023. The dip is attributed to a lack of sentiment and steady selling from spot markets. The 200-day moving average (MA) was crossed for the first time in ten months, indicating a potential trend reversal. If the MA fails to act as a systematic trigger, volatility and momentum could increase to the downside. Analysts are eyeing a large patch of long liquidations closer to $50,000 if the price breaks down further. The recent downside is influenced by significant sell-side pressure throughout the year, with net flows equivalent to $24B being dumped on the market in 2024.