Bitcoin (BTC) is showing signs of a potential price surge in July, despite facing significant selling pressure and regulatory uncertainties.
July has traditionally been a bullish month for BTC, with hopes of revisiting its all-time high and finishing the year above $100,000.
Although Bitcoin (BTC) has been under considerable bearish pressure recently, it continues to hold above crucial support levels. Market sentiment towards BTC remains mixed, with neither the bears nor the bulls dominating.
The decline in Bitcoin’s strength has had a ripple effect on various altcoins, prompting investors to approach high-risk assets cautiously. Noteworthy coins in the market include TON, AVAX, KAS, and XMR.
Historically, when June concluded on a downtrend, the subsequent month often witnessed a substantial uptick, with Bitcoin typically recording an average gain of 7.42%.
Since encountering resistance at $70,000, Bitcoin has been trading within a narrow range of $60,000 to $70,000. The demand for Bitcoin has mirrored the selling pressure, with buyers meeting sellers in equilibrium.
As of the latest update, BTC is priced at $63,121 following a 3% increase in the last 24 hours, translating to a 4% weekly surge.
The recent halving event has intensified pressure on Bitcoin, as it reduced miners’ rewards and profitability. This scenario has prompted miners to offload considerable amounts of Bitcoin to cope with escalating mining expenses. Additionally, the governments of Germany and the U.S. have entered the scene by selling off billions of dollars worth of BTC. Moreover, Mt. Gox’s creditors have initiated repayments to customers affected by the infamous 2014 exchange hack, exacerbating the situation for many holders who are profiting from delayed reimbursements.
After a period of major investors accumulating assets at discounted prices, a potential breakout appears imminent. Historically, July has been a bullish month for Bitcoin. This sentiment is reinforced by the recent halving, typically preceding a new all-time high in the ensuing months.
Bitcoin (BTC) Anticipates Reaching All-Time High in July
On-chain analysis suggests a potential repetition of this trend in the upcoming month. In such a scenario, Bitcoin may face resistance at $65,000, $70,000, and $74,000 levels. Historical data indicates a capability to surpass these levels swiftly when investor interest spikes, driven by FOMO.
Market participants are eyeing a return to the all-time high of $74,000 achieved in March, with bullish forecasts aiming for a price exceeding $100,000 by year-end. To realize this target, increased adoption and institutional interest are crucial. Calls have been made for Elon Musk to introduce Bitcoin payments for Tesla transactions and incorporate the asset into his company’s reserves.
Toncoin, Avalanche, Kaspa, Monero Price Insights
Toncoin (TON): Struggling near $7.67, with pivotal support at $7.43. The price may climb towards $8.29 or retract to $6.60.
Avalanche (AVAX): Buyers attempting to breach the $29 resistance. If successful, a rally to $32.78 might occur; a drop below $29 could lead to a decline to $23.51.
Kspa (KAS): Recently surpassing the $0.19 resistance. With bullish momentum, the price could ascend to $0.28; a dip below $0.19 could signal a bear trap.
Monero (XMR): Rebounding from the $165 support level. If it breaches $172, there’s potential for an upswing to $190; falling under $165 could result in a drop to $155.
Recommended:
Bitcoin Purchase Guide
Bitcoin Wallet Walkthrough
Monitor 24-hour Bitcoin Prices
More Bitcoin Updates
Understanding Bitcoin
Sign up for our daily newsletter!
>> Sign up <<
No spam, only valuable insights. Opt-out anytime.