Key Points
- Historical data suggests July is typically a positive month for Bitcoin (BTC) holders.
- Bitcoin (BTC) has reclaimed the $62,200 level, indicating a potential upward trend.
Bitcoin’s past performance indicates that July could be a favorable month for Bitcoin holders, particularly after a 10% value loss the previous month.
Bitcoin (BTC) managed to recover the $62,200 level and even reached close to $63,000 on Monday, following a 2% rise for the leading cryptocurrency. CoinGlass data also revealed that this movement pushed Bitcoin above a $43 million liquidity wall, suggesting a potential profitable month if the patterns from the past repeat.
Bitcoin’s Historical Performance
In the past, Bitcoin has seen an average increase of nearly 8% in July after a dip in June. Between 2013 and 2024, Bitcoin’s value fell six times in June, but each time, it rose by at least 9.6% in July.
This pattern is supported by the slowing sell-offs from Bitcoin miners, who had previously been selling large amounts of Bitcoin to cover operational costs after the halving. However, this trend seems to be decreasing as we move into the new month.
Bitcoin’s Support and Resistance Points
Data from Glassnode and IntoTheBlock shows that Bitcoin has established support around the $60,500 to $61,600 mark. Over two million addresses have accumulated more than 891,800 Bitcoin, worth $55.7 billion. It is unlikely that the cryptocurrency will fall below this level, although it’s not impossible.
However, two significant resistance walls at $64,700 and $64,550 could prevent Bitcoin from quickly returning to the $70,000 range.
Impact of Macroeconomic Events
According to Lucy Gazmararian, the link between Bitcoin and macroeconomic events could strengthen due to inflationary periods and geopolitical uncertainty. Given the current global inflation, especially in the U.S., and tensions in Eastern Europe and the Middle East, macro events could significantly influence Bitcoin markets.
Federal Reserve chairman Jeremy Powell is set to speak on July 2, followed by the Federal Open Market Committee (FOMC) minutes on July 3 and U.S. Jobs data on July 5. Positive news from these events could boost Bitcoin’s bullish momentum this month or potentially stall the asset.
