Bitcoin is experiencing a fierce contest between bulls and bears. Buyers are striving to maintain the price within the $56,552 to $73,777 range, while sellers are pushing to drive it lower. On July 5, the price dipped to around $53,500, but this lower level drew buying interest from the bulls. Data indicates that the U.S.-based spot Bitcoin exchange-traded funds saw net inflows of $143.1 million on July 5, marking the largest monthly influx.
At the time of writing, BTC was trading at $55,271.
After taking support at $56,000 (on 1st May), Bitcoin rallied up to $71,979. The asset witnessed sharp correction as the bulls failed to cross the new all-time high of $73,777 and failed to sustain above the $70k mark. The prices corrected almost by 25% and dropped to $53,485. BTC has a strong support zone from $52,000 to $50,000. If it holds and sustains above these levels then we may expect the bulls to resume the up move.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $50,000 | $52,000 | BTC | $56,500 | $60,000 |
