Bitcoin set to have a positive July based on past performance
Historical trends indicate that July could be a favorable month for Bitcoin (BTC) enthusiasts, offering a silver lining after the digital currency experienced a nearly 10% depreciation in value the previous month.
On Monday, Bitcoin surged past the $62,200 mark, nearing $63,000, following a 2% uplift, marking a significant recovery for the preeminent cryptocurrency. According to CoinGlass, this ascent has allowed BTC to surpass a formidable $43 million liquidity hurdle, potentially setting the stage for a prosperous month, should historical patterns hold true.
**BTC Price on July 1 | Source: CoinGecko**
Historically, Bitcoin has seen an average uptick of nearly 8% in July, particularly after concluding June with a downturn. From 2013 to 2024, BTC’s value dipped in June on six instances, yet each time, it rebounded with a minimum 9.6% increase in July.
Crypto.news has highlighted that this trend is supported by a reduction in sell-offs by BTC miners. In the past, miners have been known to sell off significant amounts of BTC to manage operational costs post-halving events. However, this trend appears to be waning as we enter the new month.
**BTC Historical Data | Source: Ali Martinez**
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– Key support and resistance levels for Bitcoin
Data from Glassnode and IntoTheBlock reveal that BTC has established a solid support zone between $60,500 and $61,600. In this range, approximately two million addresses have amassed over 891,800 BTC, valued at $55.7 billion. While it seems improbable for the cryptocurrency to dip below this support, it remains within the realm of possibility.
Concurrently, Bitcoin faces two significant resistance barriers at $64,700 and $64,550, which could either propel it towards a swift rally back to the $70,000 bracket or pose a challenge.
**BTC Data | Source: IntoTheBlock**
**Macro Events to Monitor**
Lucy Gazmararian posits that the interplay between BTC and macroeconomic factors could intensify amidst inflationary times and geopolitical instability. With the current global inflation, especially in the U.S., coupled with tensions in Eastern Europe and the Middle East, macro events are likely to exert a more pronounced influence on BTC markets.
Federal Reserve Chairman Jeremy Powell is slated to address the public on July 2. This will be followed by the release of the Federal Open Market Committee (FOMC) minutes on July 3 and the U.S. Jobs report on July 5. Favorable developments from these events could either fuel Bitcoin’s bullish trajectory for the month or impede its progress.
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