BTC has been trading sideways for months, with recent attempts by bears to push the price below the established range. However, the inability to maintain this breakdown on July 8th indicates that selling pressure diminishes at lower levels. This prompted aggressive bulls to step in, aiming to keep the price within the range for a while longer. According to investor data, United States-based spot Bitcoin exchange-traded funds saw inflows of $310 million on July 12, the highest since June 5. These inflows suggest that market participants are building positions, believing that a short-term bottom has been established.
At the time of writing, BTC was trading at $61,498.
Bitcoin struggled to sustain above the $70k mark and witnessed a sharp correction. The pieces fell almost by 25% and dropped to $53,485. The asset didn’t break the crucial support level of $52,000 and the lower longer shadow indicated buying at these levels. Over the past four days, BTC has made a ‘Higher High Higher Low’ pattern and is trading above the psychological level of $60,000. The asset has a resistance zone from $64,500 to $66,500. Once it crosses and sustains above the resistance then the prices may further rally up to $70,000.
