Bitcoin (BTC) Price Forecast: Bears Must Break $65k Support

At the time of writing on July 28, Bitcoin Taker Buy/Sell ratio has dropped to -0.97, showing that the volume of seller-initiated trades has exceeded

Bitcoin price is set to experience some downside at the start of the week as the volume of seller-initiated trades has exceeded the current market demand, according to derivatives data.

The Bitcoin Taker Buy/Sell ratio dropped to -0.97 on July 28, showing a higher volume of seller-initiated trades. This marks the first time that BTC derivatives trade balance has plunged into negative territories since the Bitcoin Nashville conference began in on June 26.

With BTC short-term supply now exceeding demand, Bitcoin price is poised to experience some downside at the start of the week.

However, strategic risk-assets investors will keep an eye out for two critical US macroeconomic indicators: the JOLTs Job openings report, and Non-Farm Payrolls data slated for Tuesday, July 30 and Friday August 2, respectively.

If either report prints dovish figures, Bitcoin price could experience a sharp bullish reversal as the week unfolds.

Bitcoin Price Forecast: Bears Must Break $65k Support

Having failed to break the $70,000 resistance during the Trump-fuelled media euphoria, Bitcoin’s Taker Buy/Sell ratio indicates that fatigued bull traders are now likely to retreat towards the $65,000 psychological support level.

More so, technical price indicators on the BTC/USD daily chart also depict a bearish outlook.

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