Markets

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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