Market Downturn Can BTC Make a Comeback in July

The latest analysis on the four-hour chart of BTC shows that Bitcoin continues to display a bullish momentum. However, it is currently facing crucial resistance levels that traders need to closely monitor.
The recent closing price of Bitcoin has been consolidating, hovering between $62,600 and $63,200. Both the 9 and 20 Exponential Moving Averages (EMA) are trending upwards, indicating a sustained bullish sentiment. The 9 EMA is at $62,748, higher than the 20 EMA at $62,362. This consistency typically suggests a short-term bullish trend, reinforcing the view that buyers are currently in control.
The technical indicators and price movements of Bitcoin indicate that the bullish trend is likely to continue, but it faces significant resistance levels that could potentially limit gains in the short term. Traders should closely monitor these levels and be prepared to adjust their strategies based on Bitcoin’s movements.
Bitcoin [BTC] has emerged from a challenging June and is starting a new chapter this month. Over the past 30 days, BTC has declined by 8.44%. The leading cryptocurrency even dipped below $60,000, causing frenzy among investors. But a recovery is not far off. At the time of writing, the trading price of BTC is $62,293, with a daily decrease of 0.46%. The asset is currently 14% below its all-time high of $73,750. The real question is whether this leading cryptocurrency can reach a new historical high this month.
According to Changelly’s data, the average trading price of Bitcoin in July is $69,030.74. The asset may surge further to a high of $74,720.48, surpassing Bitcoin’s previous all-time high. Bitcoin is expected to reach this level around July 8th to July 10th.
The catalyst for Bitcoin’s rise has been the influx of funds into Bitcoin ETFs, a key indicator of investor optimism. On July 1st, investments in Bitcoin ETFs on US exchanges approached $130 million, the highest amount since early June. Prior to this, over $900 million had flowed out in June. This reversal is seen as a strong sign of confidence in Bitcoin’s positive outlook in the coming weeks.
QCP Capital, based in Singapore, further stated, “Bitcoin has had an average return rate of 9.6% in July and tends to rebound strongly, especially after experiencing negative growth (-9.85%) in June. Our options department also found that funds have been on an upward trend from last Friday to the end of the month, possibly due to expectations of the launch of an ETH spot ETF. Many signs indicate a bullish trend for July.”
If history repeats itself and market sentiment remains positive, Bitcoin is expected to enter a bull market. The leading cryptocurrency may even hit a new all-time high.