Bitcoin's July Surge Stumbles as Retail Investors Cash Out

Retail Selling Surges Across Key Markets

Hold onto your hats, crypto fans! Bitcoin's July rocket ride is hitting some turbulence as retail investors are ditching their coins left and right. We're talking a sharp spike in selling from the U.S., Korea, and even on Binance. It's wild out there, and while the whales are hoarding, the little guys are running for the exits!

U.S. and Korean Traders Cool on Bitcoin

Check this out: CryptoQuant's Arab Chain dropped some serious analysis on July 22 that's got everyone talking. The Coinbase Premium Index? Flat as a pancake, or worse, negative, even when Bitcoin hit that mind-blowing $122,838 peak on July 14. It's clear as day: U.S. traders are pocketing their profits and not looking to buy more. And over in Korea? They're selling Bitcoin cheaper than anywhere else, showing just how low the demand is and how eager they are to offload.

Binance Sees Massive Retail Inflows

Another CryptoQuant guru, Amr Taha, spilled the beans on what's happening on Binance. Retail inflows jumped from $12 billion to over $16 billion in just 30 days. That's right, folks, people are throwing their Bitcoin into Binance, and you know what that means—they're about to hit the sell button. It's déjà vu all over again, just like when Bitcoin shot up from $78,000 to $111,000 earlier this year. Retail investors bailed early and missed the big bucks.

Sellers Dominate as Whales Scoop Up Bitcoin

And here's the kicker—Binance's net taker volume is in the red, meaning sellers are calling the shots. They're either closing out their long positions or opening new shorts, all while Bitcoin is flirting with its all-time highs. But wait, there's a twist! Whales are gobbling up Bitcoin like it's going out of style. Whales Screener reports show nearly $200 million in Bitcoin and over $400 million in Ethereum yanked off exchanges in the 24 hours before July 22. These big fish are betting long-term and aren't about to sell into this rally.

Bitcoin's Price Action and Market Outlook

Right now, Bitcoin's trading at $117,945, down a smidge from yesterday and 4% off its record high. But don't sweat it—over the past month, it's still up a solid 14%. Sure, there's been a little retracement, but Bitcoin's still in the green on the daily chart. It's above the 21-day exponential moving average and that sweet ascending trendline from mid-June.

Technical Analysis: Where Bitcoin Goes Next

The relative strength index? It's chilling at a neutral 57, which means there's still plenty of room to run without overheating. If you're looking for support, $115,000's got your back, and if you're aiming higher, $120,000 to $122,800 is the resistance to watch for a breakout. In a perfect world, Bitcoin could hang out above $117,000, then make another run at that record high. But if things go south, watch out for a drop below $113,500—that could send it tumbling down to $108,000.

The Bottom Line

So, there you have it, folks. Bitcoin's July rally is facing some serious headwinds from retail investors, but the whales are holding strong. Keep your eyes peeled and your wallets ready—this ride's far from over!