The Bitcoin market is currently in an intriguing position, with the average coin still showing a 2x gain, despite most short-term holders being underwater.

Several volatility measures are also showing significant compression, indicating that a larger move could be imminent.

As Bitcoin dipped below $60,000, traders on Binance increased their BTC exposure. Currently, approximately 75.40% of all traders with an open BTC position on the exchange are going long, anticipating a rebound.

According to analyst Ali Martinez, the TD Sequential indicator, which previously signaled buying Bitcoin at $60,000 on June 28 and selling at $63,200 on July 1, is now signaling another buying opportunity for BTC.

Should Bitcoin rebound to $62,600, over $1 billion could be liquidated.

Bitcoin Net ETFs Inflow Turns Negative After Consecutive Days Of Positive Inflows 

Recent data on Bitcoin ETF net inflows on July 2, 2024, showed a sum of -$14 million, marking a slight shift to negative after five consecutive days of positive inflows.

Grayscale (GBTC) experienced an outflow of $32.4 million, surpassing the total inflows of all other Bitcoin ETFs combined. Conversely, BlackRock’s (IBIT) ETF saw the largest inflow of the day at $14.1 million.

These dynamics suggest that while the market is experiencing a period of compression, significant movements could be on the horizon. Investors and traders are closely monitoring these developments, as the potential for substantial price action appears to be building.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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