Bitcoin Starts July Strong
BTC shows a recovery in July based on historical data.
1Bitcoin's July Performance
Bitcoin has started July strongly based on historical data. It rose from its recent low of $57,700 to $64,000, which is considered a significant support and pivot level.
2Seasonal Effects
CryptoQuant analysts note that July brings a strong seasonal tailwind for Bitcoin. This effect becomes more pronounced, especially in bear markets.
3Past Data
In the bear markets of 2018 and 2022, Bitcoin closed July with gains of 20% and 17%, respectively. A similar performance is expected this year.
4Demand Recovery
Bitcoin demand has begun to recover after a sharp decline in June. The 30-day total demand metrics have approached neutral levels from -650,000 BTC.
5US Demand Increase
Investor demand in the US is also improving. The Coinbase Premium Index has risen from deeply negative levels to -0.062, indicating that institutional appetite is stabilizing.
6Needs for Sustainable Recovery
Market conditions are still quite bearish. The CryptoQuant Bull Score Index remains at 20. For a sustainable rally to begin, the index needs to rise above 60.
Original article: CryptoPotato — Bitcoin Temmuz Ayına Güçlü Başladı