Bitcoin price struggles around $58,500, Donald Trump to speak at Bitcoin 2024 conference

• 
  Bitcoin
  spot
  ETFs
  received
  the
  third
  consecutive
  day
  of
  inflows
  on
  Wednesday.
• 
  The
  German
  Government’s
  transfer
  of
  10,853
  BTC
  on
  Wednesday
  may
  negatively
  impact
  Bitcoin’s
  price.
• 
  Donald
  Trump
  will
  speak
  at
  the
  Bitcoin
  2024
  conference
  in
  Nashville
  on
  July
  27.
• 
  On-chain
  data
  shows
  that
  small
  Bitcoin
  wallets
  are
  getting
  liquidated
  while
  whales
  and
  sharks
  are
  growing
  in
  number.

Bitcoin
(BTC)
price
edges
up
by
0.5%
on
Thursday,
though
it
struggles
to
break
above
the
weekly
resistance
level
at
around
$58,500,
amid
on-chain
data
indicating
liquidation
among
small
Bitcoin
wallets,
alongside
an
increase
in
the
number
of
whales
and
sharks.
The
German
Government’s
transfer
of
10,853
BTC,
valued
at
$637.67
million,
is
anticipated
to
have
a
potentially
adverse
effect
on
Bitcoin’s
price.
Meanwhile,
Bitcoin
spot
ETFs
saw
inflows
for
the
third
consecutive
day,
totaling
$147.40
million
on
Wednesday.

Daily
digest
market
movers:
Bitcoin
spot
ETF
received
$147.40
million
in
inflows
on
Wednesday

• According
  to
  Coinglass
  data,
  on
  Wednesday,
  US
  spot
  Bitcoin
  ETFs
  saw
  inflows
  for
  the
  third
  straight
  day
  this
  week,
  amounting
  to
  $147.40
  million.
  This
  indicates
  increasing
  investor
  confidence
  and
  may
  predict
  a
  short-term
  rise
  in
  Bitcoin’s
  price.
  Monitoring
  the
  net
  inflow
  data
  of
  these
  ETFs
  is
  important
  for
  grasping
  market
  dynamics
  and
  investor
  sentiment.
  Presently,
  the
  combined
  reserves
  of
  Bitcoin
  held
  by
  the
  11
  US
  spot
  Bitcoin
  ETFs
  amount
  to
  $50.58
  billion.

Bitcoin
Spot
ETF
Net
Inflow
chart

• The
  Bitcoin
  Conference
  Twitter
  account
  announced
  that
  Donald
  Trump,
  the
  45th
  president
  of
  the
  United
  States,
  will
  be
  a
  featured
  speaker
  at
  Bitcoin
  2024
  event,
  the
  world’s
  largest
  Bitcoin
  conference
  in
  Nashville,
  Tennessee,
  from
  July
  25
  to
  July
  27.
  This
  announcement
  comes
  amid
  Trump’s
  recent
  endorsement
  of
  Bitcoin
  (BTC)
  and
  the
  Republican
  party’s
  commitment
  to
  integrating
  the
  cryptocurrency
  into
  their
  platform,
  with
  assurances
  to
  protect
  Bitcoin
  mining
  and
  self-custody.
• Bitcoin
  2024
  aims
  to
  continue
  the
  success
  of
  previous
  conferences
  held
  in
  Miami.
  Bitcoin
  2021
  gained
  attention
  when
  El
  Salvador’s
  President
  Nayib
  Bukele
  declared
  Bitcoin
  as
  legal
  tender.
  Subsequent
  events
  in
  2022
  and
  2023
  featured
  significant
  moments,
  including
  US
  Presidential
  candidate
  Robert
  F.
  Kennedy
  Jr.’s
  supportive
  address
  of
  the
  Bitcoin
  industry.
• As
  Trump
  seeks
  the
  presidency,
  his
  backing
  of
  Bitcoin
  contrasts
  with
  President
  Joe
  Biden’s
  more
  cautious
  stance
  towards
  cryptocurrencies.
  With
  Biden’s
  attendance
  at
  Bitcoin
  2024
  yet
  to
  be
  confirmed,
  the
  event
  may
  underscore
  the
  candidates’
  differing
  approaches
  to
  Bitcoin.

• Sentiment
  data
  for
  10+
  BTC
  wallets
  show
  wallets
  holding
  more
  than
  10
  BTC.
  Bitcoin
  whale
  and
  shark
  wallets
  are
  increasing
  while
  small
  traders
  sell
  off
  their
  bags
  during
  this
  dip
  period.
  July
  has
  seen
  a
  net
  increase
  of
  +261
  wallets
  holding
  at
  least
  10
  BTC,
  which
  should
  give
  traders
  comfort
  in
  a
  long-term
  bullish
  future.

Bitcoin
10+
BTC
holdings
chart

• According
  to
  data
  from
  Lookonchain,
  the
  
  German
  Government
  transferred
  10,853
  BTC,
  valued
  at
  $637.67
  million,
  out
  and
  received
  2,442
  BTC
  worth
  $140.47
  million
  on
  Wednesday.
• The
  8,441
  BTC,
  valued
  at
  $497.2
  million,
  was
  transferred
  from
  its
  wallet
  to
  Cumberland,
  Flow
  Traders,
  Kraken,
  Bitstamp,
  and
  Coinbase.
  This
  significant
  constant
  transfer
  activity
  from
  the
  German
  Government
  may
  have
  triggered
  FUD
  (Fear,
  Uncertainty,
  Doubt)
  among
  traders,
  potentially
  contributing
  to
  a
  decline
  in
  Bitcoin’s
  price. 

• Furthermore,
  as
  per
  Arkham
  Intelligence,
  the
  German
  Government’s
  status
  as
  a
  “Bitcoin
  billionaire”
  ended
  on
  Wednesday,
  with
  13,360
  BTC
  worth
  $784.96
  million
  remaining,
  representing
  26.8%
  of
  the
  Bitcoin
  initially
  seized
  from
  Movie2k.
  Notably,
  
  Blackrock’s
  wallet
  is
  actively
  purchasing
  the
  Bitcoin
  sold
  by
  the
  German
  Government.

Technical
analysis:
BTC
faces
resistance
on
weekly
level
of
around
$58,500

Bitcoin
price
has
faced
resistance
around
the
weekly
resistance
of
$58,375
for
the
last
five
days.
At
the
time
of
writing,
BTC
trades
0.5%
up
at
$57,974
on
Thursday.

Additionally,
BTC
trades
below
a
descending
trendline,
which
is
drawn
from
joining
multiple
swing
high
levels
from
early
June
to
mid-July.

If
BTC
closes
above
the
weekly
resistance
at
the
$58,375
level
and
breaks
above
the
descending
trendline,
it
could
rise
9%
to
revisit
the
daily
resistance
at
$63,956.

Moreover,
the
formation
of
a
lower
low
in
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index’s
(RSI)
indicator
higher
high
during
the
same
period.
This
development
is
termed
a
bullish
divergence
and
often
leads
to
the
reversal
of
the
trend
or
a
short-term
rally.

BTC/USDT
daily
chart

However,
if
BTC
closes
below
the
$52,266
daily
support
level
and
forms
a
lower
low
in
the
daily
time
frame,
it
could
indicate
that
bearish
sentiment
persists.
Such
a
development
may
trigger
a
4%
decline
in
Bitcoin’s
price
to
revisit
the
February
23 
low
of
$50,521.