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BTC Bitcoin remains stable at the US$64,000 mark despite slowing on-chain activity.
Although on-chain data showed a slowdown in online activity, Bitcoin remained above US$64,000 on July 12.
Internet Activity and On-Chain Signals
Bitcoin (BTC) is currently trading at US$64,008, down 0.38% in the past 24 hours. During this period, the asset recorded trading volume of US$17.84 billion, and its market value reached US$1.28 trillion, accounting for 58.39% of the total cryptocurrency market value.
Cryptocurrency analyst Ali Martinez reported that the number of weekly active addresses in Bitcoin dropped by 7.6%, from approximately 660,000 to approximately 610,000. Active addresses are often used as a measure of user engagement on blockchain. Although the recent decline highlights a decrease in chain participation, this trend is not directly related to price movements.
Despite the slowdown in online activity, Bitcoin's price remained firmly above key technical levels, supported by institutional capital inflows and positive market sentiment.
(Small Dictionary: Active Address, a metric that shows the number of wallet addresses traded during a specific period of time, used to measure user activity and network participation on the blockchain.)
Institutional capital inflows and ETF demand rebound
Contrary to the slowdown in on-chain activity, institutional interest in Bitcoin seems to be picking up. Data shared by CryptosRUs showed that spot bitcoin exchange-traded funds (ETFs) recorded a net inflow of $197.4 million this week, ending weeks of outflows. The renewed enthusiasm among large investors may reflect increased confidence among asset managers and institutions.
The launch of the U.S. spot Bitcoin ETF has made institutional capital flows a benchmark that market participants pay close attention to. Generally speaking, positive net inflows mean increased buying behavior by institutions, which helps stabilize or push up the price of Bitcoin over the long term.
Indicator| current value| Recent Trends
Bitcoin Price| US$64,008| 24 hours down 0.38%
weekly ETF net inflow| $197.4 million| From net outflow to net inflow
Number of active addresses| 610,000| Down 7.6% from 660,000
Technical Outlook and Price Targets
From a technical perspective, BTC/USD is trading above the long-term downtrend line on the four-hour chart. Analysts often interpret this trend as an early signal of a potential trend reversal. The recent rebound from previous swing lows suggests buying demand is increasing as selling pressure abates.
The current breakthrough area has become a key support level. As long as prices remain above the region, even if short-term fluctuations occur, analysts believe the upward structure remains unchanged. This in turn may provide support for a new round of upward momentum.
Current technical forecasts set an initial upside target at $67,167, with the next possible target at $71,718 if buying forces persist. However, if prices fall below breakthrough support, there may be a temporary correction before further bullish sentiment resumes.
Comprehensive signal for Bitcoin's prospects
Despite the decline in online activity levels, the recent return of net ETF inflows and breakthroughs in important technical resistance have created an atmosphere of cautious optimism for Bitcoin's short-term prospects. When assessing future price movements, market observers will continue to focus on the flow of ETF funds and whether Bitcoin can hold its support level.
