Bitcoin returned to the vicinity of $64,000 on 16 July, after a break of $654 million, but was unable to stand firm. Senior trader Peter Brandt indicated that a bottom structure might be emerging on the BTC chart, although at this stage it is far from being considered a confirmation signal.
Brandt hint form not confirmed
Brandt wrote on platform X that bitcoin might be forming a back shoulder, but stressed that this form was “very unusual” and could not be concluded at this time. Under common definitions, the back shoulder usually requires prices that break the neck line before it is considered by the market to be complete.
This means that the present is more of an early sign than a clear reversal. At the moment, Bitcoin has not yet completed its critical breakthrough.
65,000 dollars nearby.
Since the end of June, after falling below $58,000, Bitcoin has rebounded by about 12 per cent. However, the round rebound slowed significantly in the $65,000 area, indicating that the buyout had not yet progressed.
Brandt was cautious when he was running bitcoin in the vicinity of $65,000 in June. At that time his chart showed that the BTC was still below the 18-week average and was off the uplink. At the same time, chain data show that large currency holding addresses have transferred parts of bitcoin out of the exchange, reducing sales pressure.
ETF dichotomy with spot demand
The current divergence in the market is concentrated on whether the demand for spot goods is sufficient to support a larger rebound. Bitfinex Alpha recently reported that the round-up of bitcoin was driven more by expected changes in inflation data from the United States, rather than by ongoing bitcoin spot purchases.
The report mentions that the Coinbase premium is still negative, with weak spot delivery and volatile ETF financial flows. The United States spot bitcoin ETF recorded a net outflow of $424.7 million on 13 July, with a net inflow of $181.1 million the following day.
According to Bitfinex, between $68,000 and $683 million is the next important observation area. Bitcoin is more likely to remain stable in higher areas if ETF funds continue to flow and spot purchase boards improve simultaneously.
Deeper response expected.
With the exception of a short-line rebound, some researchers retained a more incisive judgement. Previous measurements based on historical cycles suggest that the potential low point of bitcoin could be close to US$ 38 million if the current round falls over and over again past the bear city rhythm.
Brandt, however, did not conclude that bitcoin had been built. His judgment is closer to an observational structure. Next, the re-entry of prices, the continued improvement in spot demand and the stability of ETF financial flows remain the focus of market attention.