Bitcoin buyers wary of July sub-$58K floor amid onchain data ‘anomaly’
Bitcoin HODL waves data revealed an unusually muted reaction to Bitcoin’s drop below $58,000, raising questions over its status as a bear-market floor.
Bitcoin buyers are expressing caution about a potential sub-$58,000 floor as onchain data reveals an unusual lack of reaction to the coin's drop below that level in July. Bitcoin HODL Waves data showed an unexpectedly low increase in dormant coins from one to seven days following the July 1 price dip, reaching just 2.35% by July 5.
Bitcoin onchain analyst Willy Woo noted this lack of reaction as an anomaly, suggesting that the buyers who purchased during the bottom may have done so slowly and possibly through the involvement of a single large investor. However, Woo acknowledged that other explanations, such as the influence of institutional investment vehicles, cannot be ruled out.
The findings contribute to the ongoing debate about whether July marked Bitcoin's most recent bear-market bottom.
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