Bitcoin Price Under Threat of Double Top Collapse

Bitcoin's price is under threat of a significant drop below $60K due to a double top formation. This comes as the market digests recent net outflows from exchange-traded funds (ETFs). In July, these vehicles have seen four consecutive days of net withdrawals, totaling over $500 million. The daily inflows to Bitcoin ETFs are also showing signs of decline, with two more days left in the month.

Despite a possible end to the 2-month streak of strong outflows, a significant outflow exceeding $200 million could push the monthly figure into negative territory.

Alex Schmidt from CoinShares highlighted that there is currently no catalyst for a short-term rally, with monetary policy expectations moving further away. The market is trading on two competing binaries: the Clarity vote count and the tanker war, resulting in range trading remaining the base case.