Debate over BTC's July drop to 58000 as cycle bottom

Bitcoin's drop to around 58000 dollars in July has ignited debate on whether it marked the cycle bottom. On-chain data indicated weak dip-buying during this period. Analyst Willy Woo, referencing the HODL Waves indicator, noted that few investors purchased during the July dip, suggesting that buying may have been driven by a single whale. HODL Waves categorizes Bitcoin supply based on the duration coins have remained inactive in wallets. The share of supply dormant for one to seven days, used to assess buying activity post-price swings, was only 1.97% when BTC fell to 58000 dollars on July 1. This figure increased slightly to 2.35% by July 5. Compared to previous BTC bottoms, on-chain activity was limited, with dip buyers accumulating slowly, indicating an unusual pattern.

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