Bitcoin spent July being handed reasons to collapse. It didn’t. That sounds bullish. I don’t think it’s enough. bitcoin:native finished July up roughly 7.5%, but much of the leveraged positioning had already been flushed during the late-June selloff. Fewer forced sellers helped price stabilize. They didn’t create new demand. A market can stop falling because sellers are exhausted, not because buyers have taken control. That distinction matters. Less forced selling explains why bitcoin:native held up. It doesn’t tell me who buys the next breakout. Until spot demand returns and price confirms a structural reversal, I see July as stabilization after deleveraging, not proof of a durable bottom. Another leg down remains open. July may have removed the panic. It didn’t remove the downside.