Market Analysis: Bitcoin Hits July Low

The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:

• also loses in court against Binance, Coinbase;
• approves Black Rock's Bitcoin ETF application.
  

Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.

However, the BTC/USD chart does not show the proper bullish mood, having updated the July low yesterday. Moreover, we can see:

• bearish engulfing on July 13-14 on the daily chart — a pattern indicating strong selling pressure at the top of the market;
• slow downward drift after this pattern.
  

This behaviour of the BTC/USD price may indicate that the bulls cannot take the initiative in the market, despite the positive fundamental background. This should alert those who believe in growth — especially if the price of BTC/USD continues to decline within the channel shown in red.

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