July $58,000 Bitcoin Price Drop Ignites Cycle Bottom Debate

A July price drop to around $58,000 has sparked debate on whether it marked the cycle bottom for Bitcoin. On-chain data suggests weak dip-buying during this period.

Analyst Willy Woo referenced the HODL Waves indicator, which categorizes Bitcoin supply based on duration coins have remained inactive in wallets. The share of supply dormant for one to seven days was only 1.97% when BTC fell to $58,000 on July 1, increasing slightly to 2.35% by July 5.

This pattern is unusual compared to previous Bitcoin bottoms, with on-chain activity limited and dip buyers accumulating slowly.