Despite Bitcoin's recent price drop to $64,300, top traders remain bullish, indicating a potential price recovery on the horizon. The derivatives market's resilience suggests that the downturn may be a temporary setback. The US Federal Reserve's decision to maintain interest rates at their highest level in two decades has contributed to the current market uncertainty.

The US economy's slowdown, reflected in retail sales and employment data, has also impacted Bitcoin's price. However, Bitcoin whales and miners remain cautiously optimistic, as seen in the derivatives market and miner outflows. The long-to-short ratio of top traders on Binance and OKX has increased, indicating a strong demand for leveraged long positions. Additionally, the demand for put options has declined, suggesting that traders did not anticipate the price downturn and remain optimistic.

Bitcoin miners, who generate an average of BTC 3,150 weekly, have reduced their sell pressure, with Glassnode's Miner Outflows Multiple remaining below 0.8 since June 14. This trend contrasts with the period between May 30 and June 13, when miners sold more than the average of the previous 365 days.

The current macroeconomic setup suggests that the Fed may cut rates by year-end, which could positively impact Bitcoin's price. While spot Bitcoin exchange-traded funds (ETFs) experienced a $562 million outflow in three days, the derivatives market's bullish stance and miner optimism hint at a potential price recovery.

In conclusion, top Bitcoin traders' unwavering optimism, despite the recent price dip, suggests that the market may be poised for a recovery. The derivatives market's resilience and miner optimism are promising signs, indicating that Bitcoin's price may bounce back in the near future.