June was a month full of ups and downs for Bitcoin, with the price experiencing a significant amount of volatility. The price ranged from a high of $72,000 to a low of just over $58,000. Unfortunately, the bears were able to push the price down by 7.12% overall. This raises the question – what can we expect for July?
According to popular analyst Ali Charts, July has historically been a strong month for Bitcoin following a negative June. In the past, when Bitcoin has experienced a decrease in June, it has often bounced back in July. On average, Bitcoin has shown a return of 7.98% in July, with a median return of 9.6%.
The recent price action of Bitcoin seems to be aligning with this historical trend. In the last 24 hours, Bitcoin’s price has increased by 4%, reaching around $63,200. This has also contributed to a 1.6% increase in Bitcoin’s weekly performance. As a result, many short positions are now underwater, with liquidations totaling $106 million in the past day, 85% of which were sellers.
While the historical data may suggest a positive outlook for Bitcoin in July, it’s important to consider external factors that could influence its price. Market sentiment, regulatory developments, and macroeconomic trends can all have an impact on the cryptocurrency market.
As we move into July, all eyes will be on Bitcoin to see if it can continue its current upward trend. While historical data may provide some insights into what we can expect, it’s crucial to remain cautious and consider the broader market context. Ultimately, only time will tell if Bitcoin will be able to defy the odds and continue its positive performance in the month ahead.
Leave a Reply