Bitcoin’s July rally appears to be losing steam among retail investors, and despite the large accumulation of whales, it is rising sharply across us, Korean and Binance-based retail segments.
A July 22 analysis by crypto-contributors point out that Arab chains are waning demand from US and South Korean traders. The Coinbase Premium Index, which tracks the price gap between Coinbase and Global Exchanges, remains flat or negative despite Bitcoin (BTC) pushing to an all-time high of $122,838 on July 14th.
This indicates that US investors are likely to be profiting rather than accumulating. Similarly, the Korean Premium Index shows that local traders are selling Bitcoin at a discounted price on global prices.
The trends in this region are consistent with platform-level behavior. Another analysis by encrypted contributor Amr Taha shows Binance’s retail inflows have skyrocketed from $12 billion to more than $16 billion over the 30-day total, indicating that retailers have deposited Bitcoin and are likely to sell.
This reflects the pattern observed earlier this year when Bitcoin rose from $78,000 to $111,000. Retail investors ended during the uptrend and missed out on further profits.
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Further confirmation was from Binance’s Nettaker volume, which has now been negative. It suggests that despite Bitcoin’s near-lasting high, sellers will still close long positions or open new short positions.
On the other hand, whales seem to be accumulating actively. The whale wallet monitored by whale screeners has won nearly $200 million in Bitcoin and more than $400 million in Ethereum (ETH) from the 24-hour exchange until July 22nd. These spills usually indicate a reluctance to long-term convictions and sales to current gatherings.
At the time of writing, Bitcoin was trading at $117,945, down 4% from its record high, down 0.2% the previous day. Cryptocurrency has grown by 14% over the past 30 days.
Despite the short retracement, Bitcoin remains in the uptrends seen on daily charts. Prices still surpass the 21-day index moving average and the trendline in mid-June ascending order.
Bitcoin price analysis. Credit: crypto.news
The relative strength index is close to neutral at 57, meaning there is still room for growth without over-acquisitioning. Support can be found for nearly $115,000, but resistance between $120,000 and $122,800 remains important to any breakout or attempt.
In a bullish scenario, Bitcoin can retest and consolidate over $117,000 before breaking record highs. The bearish reversal is shown by a lasting breakdown of less than $113,500, exposes $108,000 as the next key support.
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