July Bitcoin Price Dip Falls Flat Amid 'Anomaly' in Onchain Data

Bitcoin buyers were noticeably absent in July when the price dropped to $57,800, according to analysis of onchain data. The HODL Waves metric showed a muted reaction from investors as the price fell below its macro low of $58,000.

Willy Woo, an analyst, pointed out that only one whale may have been buying during this period, describing it as an 'anomaly'. He noted that institutional investment vehicles could be impacting the data and that a handful of buyers might be responsible for the slow and steady purchasing.

The findings add to the ongoing debate about whether July marked Bitcoin's bear-market bottom. Trader Rekt Capital warned that the structure of the bear market remains intact, with lower highs within a broader downtrend.