The S&P 500 Index (SPX) rose about 2% last week to hit a new lifetime high, while Bitcoin collapsed 11% during the same period to hit its lowest weekly close in four months. This shows that Bitcoin has been underperforming the equity markets in the near term. However, some solace for the Bitcoin bulls comes from maintaining BTC price above the critical support of $56,552.

Bitcoin’s weakness has resulted in a pullback in several altcoins, which several investors view as a buying opportunity. According to CoinShares July 8 report, digital investment products witnessed inflows of $441 million last week.

Bitcoin closed below the $56,552 support on July 7, but the bears could not maintain the momentum and sink the price below $53,485. The tail on the July 8 candlestick shows that the bulls are aggressively defending the zone between $56,552 and $53,485. The BTC/USDT pair could rise to the 20-day EMA ($60,625), an important resistance to watch out for. If the price breaks down sharply from the 20-day EMA, it will indicate that the sentiment remains negative and traders are selling on rallies.

That will put the $53,485 support at risk of breaking down. The next support on the downside is at $50,000. On the other hand, if buyers kick the price above the 20-day EMA, it will suggest that the pair may swing inside the $53,485 to $73,777 range for a few more days.

Lastly please check out the advancement’s happening in the cryptocurrency world

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