bullish

Chip

Bitcoin

Spot

<p>Although <a href="https://en.coin-turk.com/michael-saylor-downplays-quantum-computing-threat-to-bitcoin-security/" rel="noopener noreferrer nofollow">Bitcoin</a> staged a sharp recovery in early July, uncertainty prevails over whether this latest move signals the start of a lasting bullish trend. BTC dropped below $58,000 on July 1, only to surge to $64,657 by July 6, according to Bitstamp data. However, following this rally, Bitcoin pulled back again, settling around $62,417 on July 8.</p>
<h2 id="holding-steady-amid-stock-market-pressure">Holding steady amid stock market pressure</h2>
<p>This rebound in Bitcoin occurred during a period of weakness in US equity markets. The S&amp;P 500 fell by 0.6%, while the Nasdaq 100 posted a sharper decline of 2.1%. Chip manufacturers were hit especially hard, with shares of Micron Technology plunging more than 9%.</p>
<p>Despite the downturn in equities, Bitcoin avoided a deeper slide, drawing attention to its relative resilience. Analysts highlight renewed capital inflows into spot Bitcoin ETFs in the United States as a key support factor, with these funds seeing net inflows for three consecutive trading days. Spot Bitcoin ETFs allow investors to gain exposure to Bitcoin price movements without holding the cryptocurrency directly.</p>
<blockquote>
 <p>Bitcoin’s ability to hold near $63,000 stood out, especially in light of the weakness in US tech stocks. In previous risk-off cycles, BTC often declined alongside broader markets.</p>
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<p>It is now believed that ETF-driven demand may have helped temper some of the selling pressure in recent days. When markets are volatile and short-term traders react quickly to equity swings, steady inflows into ETFs can act as a stabilizing force for Bitcoin’s price.</p>
<h2 id="crucial-technical-threshold-in-sight">Crucial technical threshold in sight</h2>
<p>Nevertheless, the situation remains far from decisive. While Bitcoin has bounced from its recent lows, it has yet to confirm a full bullish reversal. Traders and investors remain focused on whether BTC can hold current levels and regain momentum to surpass its latest high.</p>
<p>John Bollinger, creator of the Bollinger Bands indicator, described Bitcoin as being at a critical juncture. He indicated the possibility of a W-shaped reversal formation on the daily chart.</p>
<p>Mini glossary: A W pattern refers to a technical formation where price hits two lows before signaling an upward reversal. In technical analysis, this pattern is seen as confirmation of a trend change if strength follows the second low.</p>
<blockquote>
 <p>John Bollinger stresses that bullish setups often fail in bear markets, while bearish setups are invalidated in bull markets. According to him, a confirmed W formation on the daily chart could mark a turning point in the trend.</p>
</blockquote>
<h2 id="analysts-eye-the-63-000-zone">Analysts eye the $63,000 zone</h2>
<p>The coming trading sessions are viewed as critical. If the W formation is confirmed, expectations for renewed upward momentum could strengthen. Otherwise, Bitcoin may remain vulnerable to a fresh downside wave.</p>
<p>Crypto analyst Michaël van de Poppe suggests the current market structure may be entering the final phase of its downturn. He lists limited impact from positive news, clearly deteriorating sentiment, and a shift by some investors from bullish to bearish expectations as supporting signs.</p>
<p>In van de Poppe’s view, concerns over tariffs, geopolitical tensions, pressure from artificial intelligence-driven trades, and an overall risk-off environment dominate market narrative. Yet Bitcoin’s persistence around the $63,000 level continues to weaken the case for a forced retreat toward the $30,000–$40,000 range, at least for now.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-rebounded-more-than-6000-from-july-lows-but-remains-under-pressure-at-63000/" rel="noopener noreferrer nofollow">Bitcoin rebounded more than $6,000 from July lows but remains under pressure at $63,000</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin rebounded more than $6,000 from July lows but remains under pressure at $63,000

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