Bitcoin Price Jumps 4% Breaking Out of June Downtrend, What's Ahead in July? | Coinspeaker
LightChain

Bitcoin Price Jumps 4% Breaking Out of June Downtrend, What’s Ahead in July?

Historically, after every downtrend in June, Bitcoin price has demonstrated an average return of 7.98% and a median return of 9.60% during July.

Bhushan Akolkar By Bhushan Akolkar Julia Sakovich Edited by Julia Sakovich Updated 2 mins read
Bitcoin Price Jumps 4% Breaking Out of June Downtrend, What’s Ahead in July?
Photo: Freepik

As we finish the first half of the year and step into July, the world’s largest cryptocurrency Bitcoin (BTC) has given a strong breakout surging by 4% and shooting past all the way to $63,000. After strong sideways movement throughout Q2 following April’s Bitcoin halving event, analysts are hopeful for BTC price to resume the uptrend starting in July.

Popular crypto analyst Ali Martinez has highlighted that, historically, whenever Bitcoin has ended June on a downtrend, it has bounced back nicely in the subsequent month of July. According to Martinez, Bitcoin has demonstrated an average return of 7.98% and a median return of 9.60% during July.

Similarly, another crypto analyst Rekt Capital stated that Bitcoin has firmly consolidated around $60,600 setting up a strong base at these levels. As per Rekt Capital, this clustering could persist throughout the month of July with the goal of taking the Bitcoin price higher to $71,500.

BTC Price Action – $71,000 Coming Ahead?

For Bitcoin price to gain the lost ground and set up a rally to the north, it must surpass the downsloping 20-day exponential moving average ($63,651). As of press time, BTC is trading 3.72% up at $63,313 with a market cap of $1.248 trillion.

If the Bitcoin price manages to stay above $62,500, it shows that bulls are attempting a comeback. If so, the bulls can attempt a further rally to $70,000 and beyond. On the 4-hour chart, the 20-period Exponential Moving Average (EMA) shows a stabilization in its slope, while the Relative Strength Index (RSI) hovers slightly above its midpoint. This suggests an equilibrium between supply and demand in the current market conditions.

Courtesy: TradingView

Altcoins Stage Strong Recovery

Along with Bitcoin, altcoins have staged a strong recovery today. Ethereum (ETH) price has also surged by 3% moving all the way to $3,500. On the other hand, altcoins like Solana (SOL), Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI) have gained anywhere between 4-6%.

Toncoin has also been on a strong rally recently and has moved to the Numer 8 position toppling Dogecoin. It will be interesting to see if this price rally sustains going ahead this month.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Bitcoin News, Cryptocurrency News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Bhushan Akolkar on X