The month of June was a rollercoaster for Bitcoin investors, filled with extreme volatility and sharp price movements. After hitting a high of $72,000 and dropping to a low of $58,000, the bears ultimately prevailed, pushing the price down by 7.12%.
Will July Bring Relief?
Many investors are now wondering if July will bring relief after the turbulent month of June. According to popular analyst Ali Charts, July has historically been a strong month for Bitcoin. When Bitcoin has experienced a negative June in the past, it tends to bounce back strongly in July. The average return for Bitcoin in July is 7.98%, with a median return of 9.6%.
The recent price action of Bitcoin seems to support the idea that July could be a positive month for the cryptocurrency. In the past day alone, Bitcoin’s price has risen by 4%, currently trading at around $63,200. This increase has also pushed Bitcoin’s weekly performance into positive territory, up by 1.6%. As a result, many short positions are now underwater, with $106 million in liquidations in the past 24 hours, 85% of which are sellers.
While the recent uptick in Bitcoin’s price is encouraging, it’s important for investors to remain cautious. The cryptocurrency market is notoriously unpredictable, and sharp price swings can occur at any time. As we move further into July, it will be interesting to see if Bitcoin can maintain its positive momentum and continue its upward trend.
The month of June was challenging for Bitcoin investors, but July offers a glimmer of hope. With a history of strong performance in July, there is reason to be optimistic about Bitcoin’s prospects in the coming weeks. However, investors should always exercise caution and be prepared for the unexpected in the volatile world of cryptocurrency.
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