- Institutional buyers tend to Bitcoin again, which brings renewed trust in important support zones.
- Bitcoin closed above $ 109k for the first time, but resistance is still popping up.
On July 6, Bitcoin [BTC] Locked in his very first weekly closure above $ 109k-the official crossing of a key resistance.
Source: TradingView
BTC finished the week at $ 109.216 and surpassed the previous high of $ 109.004, which caused a shift in market sentiment.
Sellers were reversed to buyers, confidence returned, but the confirmation of a persistent outbreak is still in the balance.
Bitcoin Technical Breakdown
This resistance level has not stopped. It has pushed Bitcoin down three times at earlier breakout attempts.
Source: TradingView
BTC seems ready to dive to $ 107,320, the nearest mid-range support. If that applies, the bulls can regain and strive for the $ 110,000 zone.
Bitcoin must first reclaim this level with volume before an ATH test looks valid.
If this level of support does not hold, the following likely decrease can be to $ 104,984 – the next important support zone.
$ 107K has the liquidity trap
An analysis of the Bitcoin -LiquidatiewarmteMap on Binance on July 7 showed that BTC will probably fall to the $ 107,000 region, as noted earlier.
Source: Coinglass
This decrease is probably because, between the price of Bitcoin on July 7 and $ 110,000, there is almost no liquidation lever, as marked in red.
However, there are remarkable liquidity clusters between the current price and the region of $ 107,000. At exactly $ 107,731.15, the total liquidation delivery is in fact $ 85 million.
Fud dies, long -term prospects strengthens
Fud among macro investors is starting to fade and the long-term prospect has regained dominance.
On July 7, Binary Coins Days (CDD) destroyed an indication of investor activity in the long term- Cryptoquant showed a significant decrease, which suggests that major players have resumed to retain their ability instead of selling.
Source: Cryptuquant
This indicated that long -term investors, who generally arrange large amounts of BTC, have stopped their sale, which adds further confirmation that the chance of a significant decrease is low. It adds confidence to the current rally.
Also another movement tailored to accumulation behavior after distributing.
According to Coinglass facts On Bitcoin Spot ETF Net -Inflow have dumped BTC Institutional Investors since 9 June – that is, on 1 July.
But that sale was short -lived.
Within a few days, institutions bought more than $ 1 billion in BTC, which further strengthens the long -term bullish tilt.
Making a profit is gone
Cryptoquant’s The profit and the loss have just fallen considerably since July 4. After a peak of $ 9.08 billion in total profit realized, it fell sharply, with the realized profit of only $ 315 million on July 7.
Source: Cryptuquant
More in particular, the deposit addresses of the exchange also declined to only 22,000, a low point that has not been seen since 2016.
That is a strong signal: Bitcoin First strategies re -dominate, where investors prefer cold portfolios over fast outputs.
Ambcrypto previously reported that whales resumed accumulation after a one -year -old hiatus. The broader market euphoria for selling has decreased.
Whales that kept between 10,000 and 100,000 BTC arrived again in March and July. During this time BTC achieved high profitability, but whale behavior remained patient. They did not sold – they gathered.