The month of June proved to be quite tumultuous for the price of Bitcoin, with extreme volatility occurring. Unfortunately, the price action leaned towards the downside, with the bears gaining momentum and pushing the price down by 7.12%.
With June in the rearview mirror, all eyes are now on July. According to the popular analyst Ali Charts, July has traditionally been a strong month for Bitcoin. History shows that when Bitcoin experiences a negative June, it often bounces back resiliently in July. On average, Bitcoin has shown a return of 7.98% and a median return of 9.6% during this month.
In the past day alone, Bitcoin’s price surged by 4%, reaching around $63,200. This positive movement has also led to a 1.6% increase in its weekly performance, hinting at a potential shift in momentum. As a result, many short positions find themselves underwater, with liquidations totaling $106 million in the last 24 hours – 85% of which were sellers.
The current market sentiment seems to be cautiously optimistic, with hopes that Bitcoin will see a revival in July. While past performance is not indicative of future results, the historical data suggests that Bitcoin has the potential to bounce back after a challenging month.
As we move forward into the new month, all eyes are on Bitcoin to see if it can reverse the downtrend experienced in June. With encouraging signs of a price increase and a positive outlook for July, investors are hopeful that Bitcoin will indeed rebound and regain its upward trajectory. Only time will tell if July will be the turning point for Bitcoin’s price action.