Bitcoin Buyers Shun Dip as July Price Lows Fail to Spark Buying Frenzy

Bitcoin's price fell to $57,800 in July, but buyers did not rush to 'buy the dip', according to analysis of on-chain data.

The Bitcoin HODL Waves metric shows that the portion of supply dormant between one and seven days remained low at 1.97% on July 1, increasing only marginally to 2.35% by July 5.

Onchain analyst Willy Woo described this lack of buying activity as an 'anomaly', suggesting that a single whale may have been among the few buyers at the time.

The findings add to the debate around whether July marked Bitcoin's latest bear-market bottom, with some analysts warning that the structure of the bear market remains intact.