Bitcoin
Bitcoin Ready for Green July, According to History
Historical Bitcoin data suggests that July is a positive month for BTC holders. This bodes well after the asset lost nearly 10% of its value last month.
Bitcoin (BTC) reclaimed the $62,200 level and approached $63,000 on Monday following a 2% jump for the market’s largest cryptocurrency. Data from CoinGlass also showed that BTC’s move propelled it above a $43 million liquidity barrier, setting BTC up for what could be a green month if history repeats itself.
BTC price on July 1 | Source: CoinGecko
In previous years, an average Bitcoin increase of nearly 8% in July followed a red candle close in June. BTC lost value on six occasions in June between 2013 and 2024, but the asset grew at least 9.6% in July during those six years.
Like crypto.news reportedThe thesis is supported by fatigued liquidations of BTC miners. Mining entities previously capitulated and liquidated swaths of BTC to cover operational costs after the halving. But this pattern slowed down heading into the new month.
BTC Historical Data | Source: Ali Martinez
Bitcoin Support and Resistance Points
According to data from Glassnode and IntoTheBlock, BTC has established support around the $60,500 to $61,600 range. Around two million addresses have accumulated over 891,800 BTC worth $55.7 billion. It is unlikely that the crypto will fall below this level, although it is not impossible.
At the same time, two major resistances at $64,700 and $64,550 could stand between Bitcoin and a quick return to the $70,000 range.
BTC Data | Source: Inside the Block
Macro events to watch out for
According to Lucy Gazmararian, the correlation between BTC and macroeconomic events may strengthen due to inflationary periods and geopolitical uncertainty. Given ongoing global inflation, particularly in the US, and tensions in Eastern Europe and the Middle East, macro events could have a greater impact on BTC markets.
Federal Reserve Chairman Jeremy Powell is scheduled to speak on July 2, followed by the Federal Open Market Committee (FOMC) minutes from July 3 and US jobs data from July 5. Positive news from all three events could either bolster Bitcoin’s bullish momentum this month or stall the asset.