Pre Open US - Bitcoin 1 Aug 2023

The Bitcoin (BTC) network is currently experiencing a decline in inflows, which may suggest a lack of new investors or a pause in investments from existing holders. Both factors are essential to maintain price stability and trigger positive price movement. A decrease in network inflows often indicates reduced market interest, potentially leading to a drop in price. Notably, institutional investors, who have played a significant role in Bitcoin's growth, are also seen halting their inflows into the network. This aligns with the market's lowered expectations of a Bitcoin ETF approval, which was anticipated to be a major bullish catalyst for Bitcoin. 

From a technical standpoint, Bitcoin broke the 29700-support level that was holding for one month, taking the price towards the next target at 28000, where the 100MA may also help the price find support there. After that, the 27300 level will be the next support, located at the lower parallel of the actual long bullish channel. The relevance of this is that because Bitcoin is rarely quiet for such long periods, the likelihood of a volatile move either way increases.