In the past 24 hours, the sudden dip of Bitcoin from its 2023 high has resulted in hundreds of millions of dollars worth of crypto assets being liquidated. Coinglass, a market intelligence firm, reports that nearly $140 million worth of digital assets were liquidated from major crypto exchange platforms.

Bitcoin has been struggling to break through the $30K resistance level, which has acted as a major barrier for several months. The recent price movements have shown bearish signals, including a potential double-top bearish reversal pattern and declining bullish momentum.

The city of Calgary in Alberta has issued a warning about a crypto scam where fraudsters impersonate police officers and convince victims to pay legal fees or lawyer fees. The scammers often use high-pressure tactics and request payment in Bitcoin, making it difficult to trace the funds.

Cryptocurrency lending firm Celsius Network has started converting its assets into Bitcoin and Ethereum, with pre-owned altcoins being moved into new wallets. This move follows approval from the US Bankruptcy Court in New York on 1 July.

Bitcoin's value dropped below $31,000 on Thursday, following a decline in global stocks due to the hawkish minutes from the Federal Reserve and a strong jobs report that indicated further rate hikes.

Asset management firm Ark Invest has reported growing support from strong holders and improved institutional sentiment towards bitcoin. Nearly 70% of the circulating supply of bitcoin has not been moved for at least a year, indicating a strengthening holder base and the confidence of long-term investors.

According to JieData data, the giant whale address starting with 0x89df transferred all of its 50 million USDC to Binance from July 2 to July 6. The address transferred 45 million USDC to Binance on March 11, before the price of Bitcoin rose.

Binance CEO Changpeng Zhao has predicted that the next Bitcoin bull market is most likely to occur in 2025, following the Bitcoin halving event in 2024. In a Twitter "ask me anything" session, Zhao also welcomed BlackRock's entry into the spot Bitcoin ETF arena, stating that it is "hugely beneficial" for the crypto industry. He brushed off concerns that BlackRock could eat up Binance's market share in the future, citing minimal overlap between their respective customer bases.

Bitcoin's smallest holders, known as "shrimps," are accumulating the asset at a record pace this month, with on-chain data showing they are accumulating an average of 33,800 BTC per month. This is more than the number of new BTC issued by the network each month.

According to a well-known crypto analyst, Bitcoin's monthly moving average convergence divergence (MACD) indicator is showing signs of long-term bullishness, indicating that the top cryptocurrency is on the road to recovery.