Bitcoins July Objective Analyzing the Road to Bitcoin Price Recovery

Coin World reports:
After a monthly decline of 20%, the price of BTC has risen by 2% in the past 24 hours. Most indicators suggest that BTC will remain bullish in the short term.
The price of Bitcoin (BTC) has been falling on the charts for several weeks. However, July 6 was an exception, as the cryptocurrency managed to stay green.
Yet, its negligible 24-hour recovery pales in comparison to other cryptocurrencies, which have seen double-digit percentage growth in the past 24 hours. That said, the world’s largest cryptocurrency may soon turn the corner.
Bitcoin Turns Green
The past month has been tumultuous for the king of cryptocurrencies, as its price fell nearly 20%. A similar downward trend was also seen last week. Despite better news for Bitcoin holders in the past 24 hours, the cryptocurrency is still far from its previous highs, trading just below $5,700 at the time of writing.
Analysis by AMBCrypto of CryptoQuant data shows that BTC’s foreign exchange reserves increased last month, indicating that investors were selling their holdings. Additionally, BTC’s Accumulation Trend Score remained between 0.16-0.11. Typically, the closer the indicator is to 1, the greater the buying pressure.
It is worth noting here that the Accumulation Trend Score is an indicator that reflects the relative scale of entities actively accumulating coins on-chain, in terms of their BTC holdings.
Will BTC Recover Soon?
While this was happening, popular cryptocurrency analyst Captain Faibik shared a tweet revealing potential reasons for BTC’s decline in the rankings.
According to the analyst’s findings, BTC’s price has been consolidating in an expanding, falling wedge pattern. The tweet also mentioned that Bitcoin bulls need to clear the $6,100 resistance zone to regain bullish momentum.
Furthermore, AMBCrypto’s analysis of the BTC Pi Cycle Top indicator emphasizes that the cryptocurrency has been resting at its potential market bottom for quite some time.
Similarly, the potential market bottom and top for BTC are $65,000 and $93,000, respectively. Moreover, BTC’s Fear and Greed Index shows a value of 23, indicating that the market is in a “fear” phase. Whenever this occurs, the likelihood of a price increase is high.
Read Bitcoin’s [BTC] Price Prediction for 2024-25
In addition, it looks quite optimistic in terms of the derivatives market.
Analysis by AMBCrypto of Coinglass data indicates that BTC’s long-to-short ratio has also increased. The rise of this indicator means that there are more long positions than short positions in the market.
In this context, the long-to-short ratio indicates that market sentiment around BTC has been mostly bullish in the past 24 hours.