Since that’s how it has behaved historically, people who possess Bitcoin should do great in July. After the value decreased practically 10% in June, this inspires hope. Using Bitcoin (BTC) is improving.
Its price increased by two percent and then dropped to $62,200. It’s approaching $63,000 right now. Nowadays, this coin is the most costly one available. From CoinGlass, we can observe that BTC’s most recent action exceeded a $43 million trading limit. It should all go according to plan; this should be a decent month.
The value of Bitcoin decreased in June and rose by almost 8% in July. Between 2013 and 2024, its value declined six times in June and increased by at least 9.6% each July. Companies that mined BTC sold most of it to pay for expenses when its value dropped half. But this need to sell has disappeared from the start of the month.
Bitcoin’s Support And Resistance Levels Amid Global Economic Uncertainty
Records of these two sites reveal that BTC has found a support zone between $60,500 and $61,600. This sector boasts almost two million addresses with more than 891,800 BTC, valued at $55.7 billion. Though it seems unlikely, the price of cryptocurrencies could drop below this point. However, Bitcoin crosses two significant resistance areas at $64,700 and $64,550, halting its short-term increase to approximately $70,000.
As prices rise and governments worldwide become less stable, Lucy Gazmararian claims that the link between Bitcoin and significant economic developments may strengthen. Prices worldwide, particularly in the United States, and hostilities in Eastern Europe and the Middle East could have a big influence on the BTC markets.
Jeremy Powell’s speech on July 2, the Federal Open Market Committee (FOMC) minutes on July 3, and the U.S. jobs report on July 5 will help you to understand what is happening this month. These developments might either stop or maintain the increasing trend of Bitcoin.
Fans of Bitcoin will monitor historical patterns and broad economic issues as July continues, hoping this summer will be as great as the past few.
