The month of June was a tumultuous one for the Bitcoin price as it brought quite a lot of volatility.
Unfortunately, the price action was resolved to the downside, and the bears managed to push it down by 7.12%.
Will July be different?
Bitcoin Price Bullish in July
With June behind our backs, it’s worth noting that Bitcoin went on a complete rollercoaster during the past 30 days, soaring to as much as $72,000 and dropping to a low of slightly more than $58,000.
That said, the sellers were ultimately victorious, pushing the price down by about 7% in total.
But will things change in July? Well, according to the popular analyst Ali Charts on X, July is traditionally a strong month for Bitcoin.
Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.6% during this month.
Source: Ali Charts, X
BTC Bulls Attempt a Comeback
If the last hours are any indication of how the month will go, then the above seems to be true.
Bitcoin’s price increased by 4% over the past day, currently trading at around $63,200. This has also pushed its weekly performance in the green by about 1.6%.
Source: TradingView
Naturally, this has put many short positions underwater, with liquidations for the past 24 hours standing at $106 million, with around 85% of them being sellers.
The post Bitcoin Price Prediction for July: WIll BTC Recover? appeared first on CryptoPotato.
Popular cryptocurrency exchange Bitfinex has announced that it is launching an open-source, peer-to-peer (P2P) marketplace for data streaming. The new platform, called Dazaar, will go live on June 25, 2020. Democratizing Access To Information According to the official announcement, Dazaar was created out of the desire to democratize access to information. The name was derived…
Following yesterday’s freefall in which bitcoin risked dipping below $60,000, the asset has bounced off and recovered about $2,000 of value. Most altcoins have also regained some ground, with some more than others. Apart from the top performer DOGE, Bitcoin Cash has spiked by 25% and has re-entered the top ten. Bitcoin Reclaims $62K After…
A descending channel has accompanied Bitcoin’s price since setting a new all-time high of $69K, clearly indicating a bearish phase. The following is aimed at investigating and evaluating possible scenarios in the mid-and short term. Technical Analysis By Shayan The Daily Chart The price is now consolidating above the middle trendline of the channel. The…
Ethereum continues to be the number one blockchain among crypto developers, with more than 70% of new contract codes first deployed on the network, according to the latest report by Electric Capital. Also, there has been a spread in the distribution of developers globally, with more crypto devs living outside North America, as opposed to
Despite the attempted recovery this week following nine consecutive red weekly candles, the overall market structure remains bearish, and there is no indication of a trend reversal. Technical Analysis By Grizzly The Daily Chart On a daily timeframe, Ripple has traded below the long-term rising line (in orange) for the last three weeks. This trend…
Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse. The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying…
The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading. The GBX was first announced by the Gibraltar Stock Exchange at BlockShow Asia conference in November 2017 GBX, which will ultimately function as a multifaceted ICO and trading ecosystem, currently offers three crypto-to-fiat…
Bitwise Asset Management, a provider of cryptocurrency index funds, wants the U.S. Securities and Exchange Commission (SEC) to defer approval for a spot Ethereum Exchange-Traded Fund (ETF) until December. Bitwise Chief Investment Officer Matt Hougan told Forbes in an interview that the industry’s focus on Bitcoin-related products may hinder the necessary attention required for the
The market downturn has hit digital asset companies across the board, and a large number have resorted to job cuts to remain viable in the current difficult market conditions. The latest to join the lay-off bandwagon is Michael Novogratz-founded Galaxy Digital. Lay-Off at Galaxy Digital Media reports said the New York-based crypto financial services company is…