"Bitcoin (BTC), after briefly rising to $63,800 on July 1, fell to $56,746 on July 4, which is 11% of its peak. Despite attempts to return to $58,000, the price of Bitcoin is still 21.5% below the all-time high of $73,757 from 14 Martha.
However, demand for Bitcoin derivatives and stablecoins in China indicates a reluctance among traders to give up, which could indicate a continuation of the 2024 bull market.
The premium on the Chinese stablecoin USDC returned to a neutral level of 1.8% on July 4, indicating a recent increase in buying activity.
With Bitcoin derivatives showing no bearish signs, this data bolsters confidence that the BTC price will soon reach the $60,000 support level again."