The following Bitcoin report is free and intended solely for informational purposes. 🟠 BITCOIN REPORT — JULY 17, 2026 Current Rating: Divergence and Attempted Reversal. Bitcoin is currently trading between $63,300 and $63,700, attempting to recover after a sharp decline at the start of the week. However, the combination of price action, spot market dynamics, ETF flows, on-chain data, and technical analysis has not yet confirmed a consistent reversal. 📊 TECHNICAL ANALYSIS BTC remains below key exponential moving averages: • 50-day EMA: $65,007 • 100-day EMA: $68,323 • 200-day EMA: $74,367 • RSI: 47 • Fear & Greed: 27 — Fear • BTC Dominance: 56.13% Remaining below these moving averages continues to weaken the technical structure. The region between $65,000 and $65,600 represents the first significant resistance level. The next resistance is at approximately $69,000 — near the average cost basis of short-term holders. A breakout above this level would be necessary to signal a more sustained structural recovery. 🌊 ELLIOTT WAVES Elliott Wave analysis suggests Bitcoin may be forming a large zigzag correction composed of waves (A), (B), and (C). Within wave (C), subwaves 1, 2, 3, and 4 may already be complete. If this count is accurate, a final downward wave 5 remains pending. The projected target for this corrective wave 5 is approximately $57,662.26 — near the prior low of subwave 3. A breakdown below the structural support level of $61,106 would reinforce the likelihood of further downside toward the $57,662.26 target. Conversely, consolidation above $65,000 would weaken this projection. A breakout above $69,000 would represent a stronger signal invalidating the corrective scenario. Elliott Wave counts should be interpreted as probabilistic projections, not guaranteed predictions. 💰 SPOT BITCOIN ETF FLOWS Spot ETFs have shown recovery following the heavy outflows at the start of the week: • 07/13: –$424.7M • 07/14: +$181.1M • 07/15: +$107.7M • 07/16: +$79.1M Three consecutive days of inflows totaled $367.9M, offsetting much of the outflow recorded on July 13. Fund Highlights: • 07/13: IBIT –$185.5M | FBTC –$245.6M • 07/14: IBIT +$138.9M | FBTC +$21.1M • 07/15: IBIT +$80.8M | FBTC +$16.9M • 07/16: IBIT +$33.4M | FBTC +$30.7M ⚠️ DIVERGENCE BETWEEN ETFs AND SPOT MARKET Despite inflows into ETFs, the Coinbase Premium Index remains negative. This indicates that demand in the U.S. spot market has not fully aligned with institutional flows observed in ETFs. Thus, Bitcoin’s attempted recovery still lacks confirmation from stronger spot buying activity. ⛓️ ON-CHAIN DATA The rebound toward the $65,000 region encountered two simultaneous sources of selling pressure: • Long-term holders reducing losses; • Short-term holders taking profits on purchases made at local lows. A relatively positive signal is that loss realization by long-term holders peaked approximately two weeks ago and has since begun to decline. This may suggest that selling pressure from this group is nearing exhaustion. 🌍 MACROECONOMIC OUTLOOK Moderating U.S. inflation has reduced pressure for further interest rate hikes, providing some relief to risk assets. However, geopolitical tensions in the Middle East, risks to the energy market, and global risk aversion continue to limit the recovery of more volatile assets. 🔎 CONCLUSION Bitcoin is attempting a reversal, but the move still lacks sufficient technical, institutional, and on-chain confirmation.