Bitcoin Dominance rises slightly, but its price actually drops to US$106 Thousand

Bitcoin dominance rose slightly by 0.20% to 65.35% today, Tuesday (/07). However, the price of the largest digital asset has been observed to drop to US$106 thousand after maintaining its price at the level of US$107 thousand.
According to Lookonchain data, throughout June, several Bitcoin whales, large asset holders, transferred approximately 45,420 BTC worth US$4.8 billion to Binance. This indicates the potential for massive selling pressure.
On the other hand, demand from retail investors fell by 10%, reaching a six-month low and weakening buying support.
Activity in the spot market is relatively quiet and volatility is low, but derivatives trading volume surged 35% in the last 24 hours to US$927 billion, indicating that leveraged traders are amplifying downward price pressure.
Technically, the price of Bitcoin failed to hold above the pivot point of US$107,565, triggering the automatic execution of sell algorithms. The price also broke below the 7-day moving average (SMA) at US$107,186 and the 30-day EMA at US$105,648, which became a bearish short-term momentum signal.
The Relative Strength Index indicator (RSI), a measure of price movement strength and momentum, stands at 54.4, which is technically still neutral. However, the indicator is trending downward, reflecting a weakening market confidence in the upward trend.
Not only that, news about quantum computing by Google has raised fears regarding the potential vulnerabilities of Bitcoin to cryptographic attacks, especially those using elliptic curve.
Santiment data shows that the Fear & Greed Index remains at a neutral position with a score of 5), but sentiment on social media shows a tendency to turn negative, with a bullish to bearish comment ratio of 1:1. This means the market is divided but is starting to lean towards pessimism.