Bitcoin has recovered more than $6,000 from its July lows, yet the price remains stuck around the $63,000 resistance zone. After dipping to approximately $57,000 on July 8, BTC staged a rebound but failed to break decisively above $63,000. The recovery coincided with a weak session for US equities: the S&P 500 fell 0.6%, the Nasdaq 100 dropped 2.1%, and chip stocks were hit hard, with Micron Technology plunging over 9%.
Equities Rout Mnemonics: BTC Shows Relative Strength
Despite the tech sell-off, Bitcoin avoided a deep slide, drawing attention to its relative resilience. Analysts point to steady inflows into US spot Bitcoin ETFs as a key support factor. These funds have recorded net inflows for three consecutive trading days, providing a buffer against selling pressure.
Bitcoin’s ability to hold near $63,000 stood out, especially in light of the weakness in US tech stocks. In previous risk-off cycles, BTC often declined alongside broader markets.
ETF-driven demand is believed to have tempered the impact of short-term speculative selling. When markets are volatile and traders react quickly to equity swings, consistent ETF inflows can act as a stabilizing force for Bitcoin's price.
Bollinger Bands Creator: W Formation Could Mark a Turning Point
On the technical side, BTC sits at a crucial juncture. John Bollinger, the creator of Bollinger Bands, flagged a potential W-shaped reversal pattern on the daily chart. In technical analysis, a confirmed W pattern — two lows followed by a strong upward move — often signals a trend change.
John Bollinger stresses that bullish setups often fail in bear markets, while bearish setups are invalidated in bull markets. According to him, a confirmed W formation on the daily chart could mark a turning point in the trend.
If the W pattern is confirmed, expectations for renewed upward momentum could strengthen. Otherwise, Bitcoin remains vulnerable to a fresh downside wave.
Analyst: Sentiment Reached Extreme Pessimism, Final Selling Phase Underway
Crypto analyst Michaël van de Poppe argues that the current market structure may be entering the final stage of its downturn. He cites limited impact from positive news, clearly deteriorating sentiment, and a shift by some investors from bullish to bearish expectations as supporting signs. In his view, concerns over tariffs, geopolitical tensions, pressure from AI-driven trades, and an overall risk-off environment dominate market narrative. Yet Bitcoin's persistence around $63,000 continues to weaken the case for a forced retreat toward the $30,000–$40,000 range, at least for now.
The coming trading sessions will be critical. If Bitcoin holds this zone and the W formation is confirmed, bulls may regain control. If not, the market faces a deeper correction.