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.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
