Key Points
- Bitcoin (BTC) has surged by 4%, breaking out of the June downtrend and moving past $63,000.
- Historically, Bitcoin has seen an average return of 7.98% and a median return of 9.60% during July.
Bitcoin (BTC) has shown a strong surge of 4%, breaking past $63,000 as we step into July. This comes after a period of sideways movement throughout the second quarter, following the Bitcoin halving event in April. Analysts are hopeful for Bitcoin’s price to resume an upward trend in July.
Crypto analyst Ali Martinez has pointed out that Bitcoin has historically rebounded well in July after ending June on a downtrend. According to Martinez, Bitcoin has shown an average return of 7.98% and a median return of 9.60% during July.
Bitcoin’s Position and Future Predictions
Another crypto analyst, Rekt Capital, stated that Bitcoin has firmly consolidated around $60,600, establishing a strong base at these levels. Rekt Capital suggests that this consolidation could persist throughout July, with the aim of pushing the Bitcoin price higher to $71,500.
For Bitcoin’s price to regain lost ground and initiate a rally, it needs to surpass the downsloping 20-day exponential moving average ($63,651). At the time of writing, Bitcoin is trading 3.72% up at $63,313 with a market cap of $1.248 trillion.
If Bitcoin’s price manages to stay above $62,500, it indicates that bulls are attempting a comeback. If this is the case, the bulls could attempt a further rally to $70,000 and beyond. On the 4-hour chart, the 20-period Exponential Moving Average (EMA) shows a stabilization in its slope, while the Relative Strength Index (RSI) hovers slightly above its midpoint. This suggests a balance between supply and demand in the current market conditions.
Altcoins Show Strong Recovery
Along with Bitcoin, altcoins have also shown a strong recovery. Ethereum (ETH) price has surged by 3%, moving all the way to $3,500. Other altcoins like Solana (SOL), Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI) have gained anywhere between 4-6%.
Toncoin has also been on a strong rally recently and has moved to the Number 8 position, surpassing Dogecoin. It remains to be seen if this price rally will continue throughout the month.
