Bitcoin traders are adopting a defensive approach as ETF inflows have ended following $342.2 million in outflows on July 1. This marks a shift from over $4.7 billion inflows recorded from June 9 to June 30. Key support for Bitcoin is at $106,500, with resistance around $109,000. Market activity is muted, and the futures market is reflecting reduced interest, with Binance futures premiums dropping to a 21-month low. Investor sentiment appears cautious, with Bitcoin's open interest declining and option markets showing low volatility. Analysts are keeping an eye on key price levels, with indications that Bitcoin may need fresh demand to escape its current consolidation phase. The overall sentiment among traders suggests a patience in waiting for clearer market signals before making significant moves, with upward momentum requiring BTC to breach resistance levels significantly.

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