Bitcoin buyers wary of July sub-$58K floor amid onchain data ‘anomaly’

Bitcoin (BTC) buyers avoided “buying the dip” as BTC price fell to $57,800 in July, analysis reports.

Key points:

• The Bitcoin HODL Waves metric showed that buyers did not rush to enter the market as BTC/USD fell below $58,000 at the start of July.
• A single whale may have been among the only dip-buyers at the time, said analyst Willy Woo.
• Analysis continued to warn that the bear market shows no concrete signs of structural shift based on current price action.

Willy Woo: Bitcoin bottom buyer could be lone whale

Data from Bitcoin’s HODL Waves metric shows an unusually muted reaction to the most recent macro lows.

HODL Waves group the BTC supply by how long coins have remained dormant in their wallets, plotting each group over time to create the chart’s signature wave-like pattern. The newest supply, coins dormant between one and seven days, offers insight into investor buying activity following key BTC price events.

On July 1, BTC/USD briefly dropped below $58,000, reaching its lowest levels since September 2024. On that day, the portion of the supply dormant between one and seven days stood at 1.97%, per data from Look Into Bitcoin. The figure increased only marginally in the days after, reaching a mere 2.35% on July 5.