Bitcoin (BTC) appears poised to experience a price rebound in July, despite facing significant selling pressure and regulatory concerns. July has historically been a bullish month for BTC, and there is optimism that it will retest its all-time high and finish the year above $100,000.
Although Bitcoin has recently faced intense bearish pressure, it continues to trade above key support levels. Market sentiment surrounding BTC has been mixed, with neither the bears nor the bulls taking control of the market. This weakness in Bitcoin has also affected many altcoins, causing investors to remain cautious about high-risk assets. Some of the most promising coins in the market include TON, AVAX, KAS, and XMR.
In previous years, when June ended with a decline, the following month typically experienced a significant rise, with Bitcoin averaging a 7.42% gain. Currently, Bitcoin has been trading within a tight range between $60,000 and $70,000 since failing to break the $70,000 resistance level. The demand for Bitcoin has been closely matched by the supply, with as many buyers as sellers in the market.
As of now, BTC is trading at $63,121, following a 3% surge in the past 24 hours. This marks a 4% increase in price for the week. Bitcoin has faced considerable pressure due to the recent halving, which has reduced miner rewards and made mining less profitable. This has led to large-scale selling from miners trying to cover their high mining costs. The governments of Germany and the U.S. have also played a role in the market by selling billions of dollars worth of BTC. Additionally, Mt. Gox creditors have started repaying customers who lost their holdings in the 2014 hack, further exacerbating the situation for those who have been holding Bitcoin for a decade.
After several months of major investors consolidating their positions at discounted prices, a breakout appears to be on the horizon. Historically, July has been a bullish month for Bitcoin, especially following a halving event, which has often led to new all-time highs in the months that follow.
Based on on-chain analysis, it is likely that this pattern will repeat in the coming month. If so, Bitcoin will face resistance at the $65,000, $70,000, and $74,000 levels. It has already shown its ability to quickly break through these levels when investor interest surges due to the fear of missing out (FoMo).
Investors are eagerly anticipating a potential retest of the all-time high of $74,000 reached in March. Furthermore, bullish projections suggest that Bitcoin could surpass $100,000 by the end of the year, but this will require continued adoption and institutional support. There have been recent calls for Elon Musk to accept Bitcoin as a payment method for Tesla and to add the asset to the company’s reserves.
In terms of altcoins, here is a brief analysis of some promising options:
– Toncoin (TON): Currently struggling above $7.67, but key support is holding at $7.43. The price could potentially rise to $8.29 or fall to $6.60.
– Avalanche (AVAX): Buyers are attempting to break above the $29 resistance level. If successful, the price could reach $32.78. However, a break below $29 could result in a drop to $23.51.
– Kspa (KAS): The price recently broke above the $0.19 resistance level. With the bulls in control, the price could rise to $0.28. However, falling below $0.19 could indicate a bull trap.
– Monero (XMR): Currently bouncing off the $165 support level. If it breaks above $172, it could rise to $190. Conversely, falling below $165 could push the price down to $155.
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