Bitcoin (BTC) Price Turned Bearish in July, What's Next?

Bitcoin's (BTC) price closed in July with a dragonfly Doji candlestick after the bulls were rejected at around $70k. Bitcoin's poor performance in the

Bitcoin (BTC) closed July with a bearish dragonfly Doji candlestick after the bulls were halted at around $70K. Bitcoin's poor performance over the past two weeks has raised concerns about a further crypto correction in August. Additionally, Bitcoin's fear and greed index dropped from 74% (greed) to around 52% (neutral) over the past two days.

The altcoin industry followed the same bearish path, with the total crypto market down over 3% to hover around $2.41 trillion on Thursday during the early Asian session. As a result, nearly $200 million were liquidated from the crypto-leveraged industry, mostly concerning long traders.

Top Reasons Bitcoin Price Turned Bearish

FOMC Data

Bitcoin led the entire cryptocurrency market in a bearish outlook following high-impact economic data on Wednesday.

Notably, Federal Reserve Chairman Jerome Powell said that the US inflation has eased over the past year but remains elevated. Consequently, the Federal Reserve held its benchmark interest rate at 5.50%.

However, Powell indicated that a possible rate cut could occur in September if the inflation continues to ease.

Spot BTC ETFs Outflows

On Wednesday, Fidelity's FBTC led in net cash outflows of about $31 million, closely followed by ARKB with around $4.6 million.

Meanwhile, Grayscale transferred $1.8 billion from GBTC to its Mini Bitcoin Trust via Coinbase Prime.

GRAYSCALE MINI BTC ETF RECEIVES $1.8B BTC INFLOWGrayscale moved $1.8B in BTC through Coinbase Prime to their Mini Bitcoin Trust ETF last night – sourced from the GBTC Bitcoin Trust.The Mini Trust began trading today – the ticker is Bitcoin $BTC.All GBTC investors are… pic.twitter.com/bLln8x9awG

What’s Next

Bitcoin price has been forming a falling trend in the past few months after experiencing heavy resistance around $70K. The flagship coin is about to confirm a daily reversal pattern after forming a double top coupled with bearish divergence on the Relative Strength Index (RSI).

The series of lower highs and lower lows continues $BTC pic.twitter.com/T4vfCID0Mf

If Bitcoin price continues to fall in the coming weeks, the flagship coin could drop as much as $48K if the support range between $60K and $62K fails to hold.

Also Read : Top Altcoins To Stack For The Upcoming Crypto Bull Run!

The above is the detailed content of Bitcoin (BTC) Price Turned Bearish in July, What's Next?. For more information, please follow other related articles on the PHP Chinese website!