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- Bitcoin’s fear and greed index is at 27, hinting at a fear in the market.
- The daily RSI at 38.08 suggests the asset’s oversold condition.
The potent bulls struggle to hold their ground as bears dominate the crypto market currently. Bitcoin (BTC) witnessed a minor spike of 1%, struggling to move higher. BTC price has fluctuated within the $53,000–$70,000 range, as the asset has faced multiple resistance-support levels over the past month.
Amidst the ongoing BTC price decline, Australia’s DigitalX has obtained the approval of a spot Bitcoin ETF (TSX:EBIT) to list on the Australian Securities Exchange (ASX). DigitalX’s BTC ETF will commence trading on July 12, with the ticker “BTXX,” as per the ASX announcement.
Meanwhile, the daily total net inflow of spot Bitcoin ETFs saw nearly $294 million yesterday, as per the sosovalue data. The steady inflows suggest that the buying spree has started despite the German Government’s BTC selloff.
At press time, Bitcoin is down by 0.14%, trading at $57,554. Meanwhile, the daily trading volume recorded a 9.40% increase and stood at $33 billion, according to CMC data. Moreover, over the past 24 hours, nearly $71.90 million worth of BTC liquidated from the market, amidst high volatility.
Can BTC Bulls Overpower the Bears?
Over the past week, Bitcoin price has declined by 8%, bringing anxiety among traders. On 5th July, BTC hit the weekly low of $53K. This was followed by the monthly decline of 17.16%. The leading crypto failed to climb over the nearest resistance, and bears took the lead. Currently, the BTC’s fear and greed index is noted at 27, suggesting intense fear in the market.
Meanwhile, the daily RSI, which stands at 38.08, suggests that the asset is nearing the oversold zone. The short-term 9-day moving average (9MA) is found below the 21-day moving average (21MA), indicating a bear run.
BTC Price Chart (Source: TradingView)
If BTC bulls manage to defeat the bears, the price might find its initial resistance at $57,861. And the next key resistance level will be found in the $57,997 range. In contrast, if the bears took control of the price momentum, Bitcoin could fall to $57,118 and find subsequent support around the $56K level.
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