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Bitcoin price

Bitcoin Is Weak: BTC Recovery Will Be Delayed, Here’s Why

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is weak at spot rates, contracting from July 2024 peaks to below $66,000. As bears press on, targeting the round number at $60,000, bulls are optimistic, expecting a rebound in the coming sessions.

Technically, the zone between $66,000 and $70,000 is a crucial zone that buyers must decisively break for the uptrend to develop. Any lift-off above $72,000 would be ideal, as it is the last resistance before an all-time high of around $74,000.

Bitcoin Struggling: Will Bulls Absorb Rising Inflows To Exchanges?

Though Bitcoin might find strength, one analyst thinks the coin will continue posting lower lows, confirming losses for the better part of this week. In a post citing CryptoQuant data, the analyst picked out how age bands have evolved over the past years and months.

Related Reading: MicroStrategy’s Bitcoin Bet Raise Red Flags As Crypto Prices Drop, Report

Analysts use age bands to categorize coins based on the last time they were moved on-chain. Some were moved within the last week, others within the past quarter, and others within years. The analyst noted that an analysis of these bands points to increasing selling pressure.

Bitcoin spent output age band | Source: CryptoQuant
Bitcoin spent output age band | Source: CryptoQuant

Notably, the analyst noted that large volumes of long-term holders (LTHs) continue to be transferred to leading exchanges like Coinbase and Binance. Usually, when coins are moved to exchanges, it means the transferring entity is keen on selling, a bearish signal.

If more whales or addresses holding big batches of BTC move coins to exchanges, it could be a leading signal that prices will crash.

The analyst observed that the spike in coins transferred by LTHs to leading exchanges coincided with price declines, as seen from late July 2024. Even though the market has matured, the analyst warns that the influx of new coins will likely delay price recovery.

Will BTC Shake Off Weakness? Inflows To Spot ETFs Crucial

Looking at the daily chart, it remains to be seen whether bulls will step in today and soak in the deluge of selling pressure seen this week. The immediate support is at around the $60,000 and $63,000 zone. If there is a recovery above this area, Bitcoin might edge higher, shaking off this week’s weakness.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

 

Still, historically, how fast prices recover or dump depends on inflows, mostly from newcomers. This, however, has been disrupted with the introduction of spot Bitcoin ETFs in the United States.

Related Reading: Do Kwon To Be Extradited To South Korea After Montenegro Rejects US Bid

One analyst, citing recent developments, points out that the recent swing high, taking the coin to over $72,000, wasn’t backed by a spike in inflows from newcomers. Instead, as the analyst assesses, BTC prices are highly influenced by inflows into spot ETFs, that is, mainly institutions.

spot BTC ETF flows | Source: @lookonchain via X
spot BTC ETF flows | Source: @lookonchain via X

As prices drop, sentiment might be impacted, leading to outflows. If more capital is pulled from spot ETFs, the BTC sell-off would be more severe. On August 1, all ten spot Bitcoin ETFs in the United States saw outflows of 1,500 BTC, or over $94 million, Lookonchain data shows.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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