Bitcoin Price Jumps 4% Breaking Out of June Downtrend, What’s Ahead in July?

by

As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. The recent surge in Bitcoin (BTC) price to $63,000 in July, after a relatively quiet Q2, comes as welcome news. Historically, whenever Bitcoin has ended June on a downtrend, it has bounced back strongly in July, according to popular crypto analysts like Ali Martinez and Rekt Capital. I’ve seen this pattern play out before, and I’m optimistic that we’ll see similar price action this year.

As I analyze the cryptocurrency market as we enter July, I’m excited to note that Bitcoin (BTC) has made a significant breakthrough, surging by 4% and reaching an all-time high of $63,000. After experiencing sideways movement in the second quarter following the Bitcoin halving event in April, there is optimism among analysts for BTC’s price to continue its uptrend throughout the remainder of the year.

Crypto analyst Ali Martinez has pointed out that historically, when Bitcoin finishes June with a downward trend, it tends to recover well in the month of July. Based on his analysis, Bitcoin typically sees an average gain of 7.98% and a median increase of 9.60% during this period.

Historically speaking, Bitcoin has a tendency to recover nicely after experiencing declines in June. On average, Bitcoin has yielded a gain of 7.98% and a median gain of 9.60% during the month of July.

— Ali (@ali_charts) June 30, 2024

Another crypto analyst, Rekt Capital, explains that Bitcoin has solidified its position around $60,600, forming a robust foundation at these prices. According to his analysis, this accumulation may continue throughout the month of July, potentially propelling Bitcoin’s price upwards towards $71,500.

BTC Price Action – $71,000 Coming Ahead?

As a researcher studying the Bitcoin market, I believe that for the price to regain its footing and initiate a northern rally, it’s crucial that Bitcoin surpasses its downward-trending 20-day exponential moving average, currently sitting at $63,651. At present, Bitcoin is trading 3.72% higher, at $63,313, with a market capitalization of $1.248 trillion as reported at press time.

Should Bitcoin maintain its position above $62,500, this indicates that bulls are making a resurgence in the market. If successful, they might aim for even greater gains at $70,000 or higher. The 4-hour chart reveals that the 20-period Exponential Moving Average (EMA) is displaying a leveling trendline, while the Relative Strength Index (RSI) lingers slightly above its median. These observations suggest a delicate balance between market supply and demand under the present market circumstances.

Bitcoin Price Jumps 4% Breaking Out of June Downtrend, What’s Ahead in July?

Courtesy: TradingView

Altcoins Stage Strong Recovery

In conjunction with Bitcoin, altcoins have experienced a notable rebound today. The price of Ethereum (ETH) has climbed by approximately 3% and reached $3,500. Conversely, other altcoins such as Solana (SOL), Avalanche (AVAX), Chainlink (LINK), and Uniswap (UNI) have recorded substantial gains between 4-6%.

As an analyst, I’ve observed that Toncoin has experienced a robust surge in value lately, causing it to displace Dogecoin and take the eighth spot among the leading cryptocurrencies. The question remains: will this price uptrend persist throughout the current month?

Read More

2024-07-01 11:18