Although the direction of bitcoin’s price movement in July remains uncertain, analysts believe that the market conditions for $BTC are worse than during the correction in February.

According to popular blockchain analyst Axel Adler Jr., the current state of the bitcoin market is worse than during the correction in February.
This is explained by the increase in inflows of $BTC to exchanges and investors selling at a loss.
In his latest blog post, the analyst noted that $BTC deposits on exchanges have risen to 122 000 $BTC, which is significantly higher than the annual average of 82 000 $BTC.
In the analyst’s view, the upward trend in $BTC inflows to exchanges signals increasing selling pressure and a possible price decline that could lead to further drops.
In addition, the Spent Output Profit Ratio (SOPR) fell to 0.99, dropping below the baseline level of 1.0. This indicates that investors are now selling their $BTC at a loss.
Analyst Axel Adler argues that for bitcoin’s recovery and for the market as a whole, the SOPR first needs to rise above 1.0, and the inflow of funds to exchanges must stabilize at the annual average levels.