Bitcoin Rejected From $60,000 Even As Whales Accumulate: What’s Going On?

Bitcoin turned around on July 10, printing lower. The rejection of higher highs, as evident in the daily chart, points to general weakness and the failure of buyers to follow through on gains of last weekend. Unless there is a close above the $60,000 level, as mentioned earlier, bears have the upper hand in the days to come. In this event, the odds of Bitcoin slipping to as low as $53,500 in a retest of last week’s lows remain.

At press time, Bitcoin is down, sliding 1% in the last 24 hours but stable week-to-date. Amid the excitement across the board, the average trading volume remains muted, falling to $24 billion. Fundamental factors that traders should closely monitor could drive engagement. Considering the recent crash, a revival above $60,000 would be huge for Bitcoin and sentiment.

Bitcoin Daily Chart for July 11

Today, traders should monitor the following Bitcoin news:

  • Despite the weakness in price action, on-chain data shows that most whales are on a buying spree. According to CryptoQuant, whales and diamond hands increased their holdings by more than 6% in the past month.
  • A Bitwise executive recently claimed that though BTC is under immense selling pressure at press time, the coin could soar to $100,000 by the end of the year. Drivers will include rising inflows to spot Bitcoin ETFs and the impact of Halving, which occurred on April 20.

Bitcoin Price Analysis

At press time, BTC/USD is bearish.

The 2% drop in the past day is puncturing the uptrend.

Since prices are still within the July 4 and 5 range, and trending below $60,000, aggressive traders may look to align with the dominant trend.

Notably, Bitcoin is within a bear breakout formation, especially in the weekly chart.

For this reason, sellers have the upper hand.

Traders can first target a retest of $53,500 and later $50,000 in the sessions ahead.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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