Bitcoin's price has dropped nearly 2% in the last 24 hours, settling around $62,758, despite a $202.5 million inflow into Bitcoin ETFs. Analyst HODL15Capital highlighted a "dragonfly doji" pattern on Bitcoin’s monthly chart, which could signal a change in market direction. This pattern suggests a potential end to Bitcoin's sideways movement and the start of a new trend.

FXPro's Alex Kuptsikevich believes this pattern might indicate a recovery after a tough start to the month, but notes that Bitcoin needs to break several technical levels, particularly surpassing $68,000 and reaching a new high above $74,000 to continue upward momentum.

Despite these signals, some analysts remain skeptical, emphasizing that market fundamentals and investor sentiment, such as external factors and upcoming decisions from the Federal Reserve, could have a more significant impact on Bitcoin's price.