Market Analysis: Bitcoin Hits July Low

<img src="https://fxopen.com/blog/en/content/images/2023/07/bitcoin.jpg" alt="Market Analysis: Bitcoin Hits July Low" /><p><br>The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:</p><ul><li>also loses in court against Binance, Coinbase;</li><li> approves Black Rock&apos;s Bitcoin ETF application.<br></li></ul><p>Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.</p><figure><img src="https://lh6.googleusercontent.com/AVF4zOyOgO2J8olhOO5NbT_aXmRq23rvJt8MjoPTKuWsHd-pk4UG4alhVm_Ti1WBXoGC26Tj7NBkjTS8KyTTSUDC0Mmn-W__HZpe3OIk3Rz7DSFN_AQH3VPjk2HgqF4TgxMvH3SDpIarMEPl4Tcgi5s" alt="Market Analysis: Bitcoin Hits July Low" loading="lazy" /></figure><p>However, the BTC/USD chart does not show the proper bullish mood, having updated the July low yesterday. Moreover, we can see:</p><ul><li>bearish engulfing on July 13-14 on the daily chart — a pattern indicating strong selling pressure at the top of the market;</li><li> slow downward drift after this pattern.<br></li></ul><p>This behaviour of the BTC/USD price may indicate that the bulls cannot take the initiative in the market, despite the positive fundamental background. This should alert those who believe in growth — especially if the price of BTC/USD continues to decline within the channel shown in red.</p>