Bitcoin price struggles to trade above $60,000, and the bullish setup displayed by altcoins is also beginning to crumble. Is the bull market coming to an end?
Bitcoin (BTC) again revisited the $60,000 support on July 3, indicating that the bears have maintained their selling pressure. It may not be easy to break the $60,000 to $56,552 support zone as the bulls are expected to defend it, keeping Bitcoin inside the large range for some more time.
The risk to Bitcoin’s continued sideways action could come from the selling pressure created by the Mt. Gox creditors, who may rush to book profits after receiving their repayments in early July.
However, lower levels are likely to see buying from the United States-based spot Bitcoin exchange-traded funds, which have amassed $14.8 billion in net inflows since their launch in January.
