Bitcoin : Buyers ignored the bottom at $58,000
The cryptocurrency market recalls BTC’s brutal move below $58,000 in July. However, on-chain data shows a much weaker reaction than expected after that dip. This caution from buyers now raises a key question: did that level really represent a durable floor? The HODL Waves indicator provides precise insight into recent supply movements. Its evolution suggests, above all, a slow accumulation, different from the reactions seen at previous cycle lows.
Bitcoin briefly fell below $58,000 on July 1, reaching its lowest level since September 2024.
The supply held for between one and seven days only rose from 1.97% to 2.35% after that minimum.
Willy Woo called this weak on-chain reaction an “anomaly” and suggested accumulation by only a few buyers.
Analysts continue to debate whether the July low marked the market’s bottom and the risk of another drop.
In August, US spot Bitcoin ETFs recorded net inflows of $3.8 billion over three weeks.
The on-chain HODL Waves indicator classifies bitcoin according to its time of inactivity in wallets. It makes it possible to track several supply cohorts. The inactive stretch from one to seven days provides an indication of activity following a major move. This metric makes up the wave-like pattern of the chart and helps observe changes around key prices.
On July 1, the bitcoin/USD price briefly moved below $58,000. It reached its lowest level since September 2024, according to indicator data. However, the inactive supply from one to seven days barely moved. It represented 1.97% of the supply on that day, rising to only 2.35% by July 5.
$BTC
$ONE
$CHAI.US
#BTC
The cryptocurrency market recalls BTC’s brutal move below $58,000 in July. However, on-chain data shows a much weaker reaction than expected after that dip. This caution from buyers now raises a key question: did that level really represent a durable floor? The HODL Waves indicator provides precise insight into recent supply movements. Its evolution suggests, above all, a slow accumulation, different from the reactions seen at previous cycle lows.
Bitcoin briefly fell below $58,000 on July 1, reaching its lowest level since September 2024.
The supply held for between one and seven days only rose from 1.97% to 2.35% after that minimum.
Willy Woo called this weak on-chain reaction an “anomaly” and suggested accumulation by only a few buyers.
Analysts continue to debate whether the July low marked the market’s bottom and the risk of another drop.
In August, US spot Bitcoin ETFs recorded net inflows of $3.8 billion over three weeks.
The on-chain HODL Waves indicator classifies bitcoin according to its time of inactivity in wallets. It makes it possible to track several supply cohorts. The inactive stretch from one to seven days provides an indication of activity following a major move. This metric makes up the wave-like pattern of the chart and helps observe changes around key prices.
On July 1, the bitcoin/USD price briefly moved below $58,000. It reached its lowest level since September 2024, according to indicator data. However, the inactive supply from one to seven days barely moved. It represented 1.97% of the supply on that day, rising to only 2.35% by July 5.
$BTC
$ONE
$CHAI.US
#BTC
