Big fight in Bitcoin (BTC): Bears are leading!

Bitcoin fell more than 2 percent on July 4 as a key support level was retested for the first time since October 2023. Edwards, along with data from on-chain analytics company Glassnode, stated that Bitcoin has seen significant selling pressure throughout the year.

According to market data, BTC fell to $57,885 after the last daily close. Mt. The fear created by Gox and the sales from spot markets shook Bitcoin bulls.

According to data from CoinGlass, 24-hour Bitcoin long liquidations are at the level of $ 230 million. Evaluating the recent price movement, popular trader Skew stated that BTC/USD surpassed its 200-day moving average (MA) for the first time in 10 months.

Skew said the following in part of an article in X:

“The sale at around $63.8 thousand reversed the momentum and led to a major decline. We need to see investors' appetite and an upward turn. “Otherwise, volatility and momentum will increase downward.”

Edwards, along with data from on-chain analytics company Glassnode, argued that Bitcoin has seen significant selling pressure throughout the year. United States spot Bitcoin exchange-traded funds (ETFs), launched in January, were unable to absorb this decline.

“This is why I haven't seen a clear rise,” Edwards told his followers. Saylor, Michael Dell, ETFs. "All of this was in vain," he said. BTC, which has been in a downward trend for a while, is affected by spot ETFs, the German government and Mt. Gox took a big hit with its agenda. Since the majority of crypto investors focused on altcoins, the losses were naturally high.