After absorbing the influx of demand, buyer exhaustion saw short-term price dips towards $64K in the last 48 hours. Source: Axel Adler Jr.At the time of writing, Bitcoin’s price was 30% above the long-term holder cost basis at $49.3K, but still 5% below the short-term holder cost basis at $67.5K. A bounce could go as high as $77.5K-$82.8K and still maintain a bearish swing structure. Source: $BTC / $USDT on TradingViewIn the short-term too, Bitcoin’s price seemed to maintain a bearish bias. The sideways movement between $60K-$66.5K in July only signaled the continuation of the previous bearish trend.