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Bitcoin bulls are trying to protect the $65,500 level, but if they fail, a drop to $62,000 is possible.

Crypto exchange Kraken said in a July 24 X post that it had distributed all the funds to the Mt. Gox creditors. However, that has not boosted Bitcoin’s (BTC) volatility, suggesting that the recipients of the repayments are not rushing to book profits as anticipated by a few analysts.

Similarly, the launch of spot Ether (ETH) exchange-traded funds (ETFs) failed to start any fireworks in Ether, suggesting that the markets are in a wait-and-watch mode. A minor positive is that the Ether ETFs witnessed net inflows of $106.6 million on the first day, even after $485 million in outflows from Grayscale’s freshly converted Ethereum Trust.

Bitcoin and select major altcoins have been consolidating for some time, indicating indecision between the bulls and the bears about the next directional move. The longer the range, the stronger the trigger needed for the price to break out from it.

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Strong inflows into spot Bitcoin ETFs suggest that the sentiment has turned positive, and traders are buying aggressively.

Bitcoin (BTC) has been conquering overhead resistance levels one by one, signaling that the bulls are gaining confidence. Farside Investors data shows $422 million in inflows into the United States-based spot Bitcoin exchange-traded funds (ETFs) on July 16. 

BlackRock’s iShares Bitcoin Trust (IBIT) once again crossed $20 billion in assets under management after its latest purchase of 4,004 Bitcoin. The fund had earlier surpassed $20 billion in AUM in late May. Looking at the massive inflows, ETF Store president Nate Geraci said in a post on X that it is not only the retail investors; even advisers and institutional investors have been buying.

Bitcoin’s recent rise has improved sentiment, and analysts are speculating how soon a new all-time high could be achieved. While anything is possible in the markets, the current up move is expected to face solid selling between $70,000 and the all-time high near $74,000. Expect markets to remain volatile in the near term as some of the creditors of the defunct Mt. Gox exchange sell their repayments.

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Retail and institutional traders have been buying Bitcoin on the dips, and the early-stage recovery in select altcoins suggests that the crypto market is in a bottoming stage.

Bitcoin (BTC) bounced off the $56,500 support on July 12, indicating demand at lower levels. Institutional investors are viewing the dips in Bitcoin as a buying opportunity. According to the onchain analytics platform CryptoQuant, institutional investors have acquired 100,000 Bitcoin in new purchases in a week.

A positive sign for the bulls is that much of the German government’s Bitcoin selling is over. Traders will next keenly watch the selling by the creditors of the Mt. Gox exchange after they receive their repayments. Bitcoin may start a recovery if the selling is subdued, but if the creditors dump their holdings, the price may remain under pressure for some more time.

Bitcoin’s failure to start a strong relief rally has halted the recovery in several altcoins, but the bulls have not ceded much ground to the bears. This suggests that the buyers are holding on to their positions as they anticipate the up move to continue.

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Bitcoin’s recovery faces selling near $60,000, indicating that bears remain active at higher price levels.

The bears tried to resume the downtrend in Bitcoin (BTC) on July 8, but the bulls bought the dip. According to Farside Investors data, United States-listed spot Bitcoin exchange-traded funds (ETFs) witnessed inflows of more than $650 million since July 5, indicating solid demand at lower levels.

However, the selling pressure is unlikely to end in a hurry. According to Arkham Intelligence data, the German government wallet seems to be preparing to sell 6,000 more Bitcoin. Additionally, markets will keenly watch the extent of selling by the creditors of the defunct crypto exchange Mt. Gox after they receive their repayments.

Uncertainty about the extent of Bitcoin’s additional supply in the markets has hurt sentiment. According to Glassnode data, the Crypto Fear & Greed Index has plunged to 27, its lowest level since January 23.

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The strong bounce in Bitcoin and select altcoins shows solid demand at lower levels, suggesting traders are buying the current dip.

Bitcoin (BTC) fell to its lowest level since February, indicating panic selling among investors. However, Blockstream founder and CEO Adam Back said in a post on X that drawdowns are a “normal bull market pattern.” He said that traders should buy the dip instead of panicking.

The panic has been triggered by the liquidation of the German government’s Bitcoin holdings and the expectations that Mt. Gox creditors will also monetize their repayments. Finance analyst Jacob King said in a X post that most of Mt. Gox’s former creditors are likely to sell their holdings.

According to CoinGlass data, cryptocurrency liquidations over the past 24 hours have reached over $665 million, the highest in two months. Analysts expect the selling to continue and Bitcoin to drop to $50,000.

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Bitcoin price struggles to trade above $60,000, and the bullish setup displayed by altcoins is also beginning to crumble. Is the bull market coming to an end?

Bitcoin (BTC) again revisited the $60,000 support on July 3, indicating that the bears have maintained their selling pressure. It may not be easy to break the $60,000 to $56,552 support zone as the bulls are expected to defend it, keeping Bitcoin inside the large range for some more time.

The risk to Bitcoin’s continued sideways action could come from the selling pressure created by the Mt. Gox creditors, who may rush to book profits after receiving their repayments in early July.

However, lower levels are likely to see buying from the United States-based spot Bitcoin exchange-traded funds, which have amassed $14.8 billion in net inflows since their launch in January.

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