The price of Bitcoin has recently shown signs of recovery, climbing back to $58,000 after hitting a five-month low of $53,500. However, technical analysis suggests that the digital asset may struggle to surpass crucial indicators, potentially revisiting lower price levels.
In a recent post on social media platform X (formerly Twitter), market expert Jackis highlights the bearish D1 trend indicator on the 12-hour chart, indicating the need for Bitcoin to reclaim the $64,000 zone to reverse the prevailing bearish daily trend.
Despite this cautionary outlook, there are encouraging signs, including significant inflows to Bitcoin exchange-traded funds (ETFs) and long-term holders accumulating more BTC.
Bitcoin’s technical analysis suggests that the bearish trend remains, with the D1 trend indicator remaining bearish unless BTC manages to recapture the $64,000 zone. The target range for the next daily leg is projected to be between $51,000 and $49,000, with a pivotal level at $63,800 that bulls must target to reverse the daily trend.
Inflows into the US Bitcoin ETF market have supported the Bitcoin price this week, preventing a deeper retracement. JPMorgan data shows that spot Bitcoin ETFs witnessed inflows of $882 million during the week ending July 11, marking the highest inflows since May 23.
Crypto analyst CryptoSoulz conducted an analysis of Bitcoin’s price performance in July, finding that long-term holders have accumulated over 85,000 BTC in the past 30 days. This accumulation by long-term holders is seen as a bullish catalyst for the price, indicating confidence in Bitcoin’s potential.
Bitcoin is currently finding support in the higher time frame (HTF), with analysts anticipating a bounce from this level. However, if the Bitcoin price fails to hold above the $54,000 zone in the coming days, the next level of support is expected at $49,500.
As of now, the Bitcoin price stands at $58,300, surging 0.7% in the 24-hour time frame as BTC looks to consolidate above crucial levels.