Bitcoin closed July at $62,800 with 7.2% gains, but the higher-timeframe price structure remained bearish. The $64,000-$65,000 area, established as support in March and April, now appears to have flipped to resistance. Santiment recorded the lowest positive-to-negative commentary ratio ever observed, with only 0.58 positive comments for every bearish one, surpassing even the pessimism generated by the FTX collapse or COVID-19 Black Thursday. Binance spot trading volumes show waning interest in BTC, representing only 22% of volumes compared to 60% for altcoins. Analyst Ali Martinez noted that Bitcoin has posted negative returns in August since 2022, averaging a 10% decline.
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