Bitcoin price recovered to $77,200 despite July dip-buying inactivity
Bitcoin rose 0.7% recently but failed to show mass buying after dropping below $58,000 in early July.
Bitcoin recovered by 0.7% from midnight UTC to approximately $77,200, though it remains 1.4% lower over the past 24 hours. In contrast, on July 1, the asset briefly fell below $58,000, its lowest level since September 2024. Onchain data from Look Into Bitcoin indicated that only 1.97% of supply remained dormant between one and seven days during that period, a marginal increase to 2.35% by July 5. Analyst Willy Woo noted that this muted reaction differs from previous long-term lows where buyers typically rushed to purchase dips. He suggested a single whale may have been the only significant dip-buyer at the time. Despite these movements, HODL Waves analysis warns that the bear market currently lacks signs of structural change based on available price action.
