- Bitcoin Price Prediction follows BTC above support level while price remains below important resistance levels.
- Bitcoin spot ETFs ended eight consecutive weeks of outflows to resume weekly net inflows for BTC market.
- Long positions saw majority of liquidations while BTC held support despite bullish positioning.
The price of Bitcoin continues to be focused on whether or not the market would manage to stabilize above key support level following the emergence of selling pressure which has derailed the market’s recent bullish momentum from last week.
Bitcoin declined for the 24 hour period as price fell below $63,000 after earlier rising above $64,000. Meanwhile, derivative positions still favored long positions even as the week marked the first positive flow for U.S. spot Bitcoin exchange traded funds (ETFs) after eight consecutive weeks of negative flows.
Bitcoin Price Signals Short-Term Resistance Below Key Moving Averages
The price of Bitcoin fell to around $63,036 with a negative change of about 1.26% from the past 24 hours. During the session, the asset briefly traded above $64,000 before reversing lower and falling beneath $62,600. Afterward, the price bounced back above $63,000 but lacked the power to make an impact.
The information from the overall market revealed that Bitcoin had a market cap of $1.26 trillion and a 24-hour trading volume of $20.34 billion despite falling prices.
Source: Trading View
The short-term technicals showed bearish sentiments for the crypto asset. In the 30 minutes time frame, Bitcoin was below the 20-period EMA of $63,111.
Further moving averages were still holding above the current price level:
- 50 EMA: $63,443
- 100 EMA: $63,642
- 200 EMA: $63,595
In such a way, there was the resistance area at $63,400 – $63,650 and support at $62,700 – $63,000 after the rebound from session lows.
The market structure was also confirmed by momentum oscillators. For instance, RSI stood at 40.00, below the 50 neutral level but above the moving average line of 35.37.
Derivative Information Remains More Favorable for Long Bets
While Bitcoin was falling, derivative positioning continued to indicate that traders were holding more long positions than short positions on the major exchanges.
The latest market data reported:
| Metric | Reading |
| Binance BTC/USDT Long/Short Ratio | 1.5183 |
| OKX BTC Long/Short Ratio | 1.5 |
| Binance Top Trader Long/Short (Accounts) | 1.6896 |
| Binance Top Trader Long/Short (Positions) | 1.5353 |
The ratios showed long positions continued to outnumber shorts even as Bitcoin traded below nearby resistance.
Liquidation activity reflected the impact of the latest decline. Total liquidations reached $70.98 million during the past 24 hours.
The breakdown included:
- Long liquidations: $60.08 million
- Short liquidations: $10.91 million
The figures showed long traders accounted for most of the forced position closures during the recent decline while overall market positioning remained tilted toward bullish exposure.
ETF Flows Reverse Eight Consecutive Weeks of Withdrawals
Institutional investment activity also recorded a notable change after U.S.-listed spot Bitcoin ETFs posted positive weekly flows.
According to Farside Investors, spot Bitcoin ETFs registered $197.4 million in net inflows during the week ending Friday. The inflow ended an eight-week period of consecutive weekly outflows that began in May.
Source: Farside
Most of the weekly inflows came from the BlackRock iShares Bitcoin Trust ETF, which added $291.9 million.
Other funds recorded net withdrawals during the same period, including:
- Grayscale Bitcoin Trust ETF
- Fidelity Wise Origin Bitcoin Fund
- ARK 21 Shares Bitcoin ETF
Although weekly flows turned positive, the latest inflows remained substantially below the $8.26 billion withdrawn from spot Bitcoin ETFs since May 11.
Jeff Yew, founder and chief executive officer of Monochrome Asset Management, stated that a single week of inflows does not establish a broader trend. He added that institutional participants may be positioning ahead of potential regulatory developments surrounding the proposed CLARITY Act expected later this year.
However, 10x Research founder Markus Thielen commented that ETF flows, stablecoin flows, and seasonality of August and September remained bearish factors. He also noted that Bitcoin has recently performed more strongly during the first half of each month before entering periods of consolidation.
Strategy Activity Remains in Focus
Bitcoin Price Prediction discussions also continued to include developments surrounding Strategy, one of the largest corporate Bitcoin holders.
Strategy co-founder Michael Saylor posted another Bitcoin-related message on social media alongside a chart from Saylortracker.com. Similar posts have previously preceded announcements of additional Bitcoin purchases.
The company’s treasury strategy has recently changed compared with its earlier approach of maintaining all accumulated Bitcoin.
Earlier this month, Strategy disclosed that it sold approximately $216 million worth of Bitcoin, reducing total holdings to 843,775 BTC, according to a filing submitted to the U.S. Securities and Exchange Commission on July 6.
The filing stated that the sale was completed to fund dividend obligations related to the company’s STRC preferred stock and to replenish cash reserves.
FAQs
Why did Bitcoin fall below $63,000?
The cryptocurrency lost value because it could not hold above the $64,000 mark and went under $62,600 but then regained some ground back above $63,000.
Which resistance levels will be tested?
The primary resistance level is seen at $63,400-$63,650, which is where theEMA 50, 100, and 20.
At what level is the nearest support for Bitcoin?
Bitcoin is currently trading at support between $62,700 and $63,000.
