Bitcoin is entering a crucial period
Every beginning of the month is an opportunity for new hope for the cryptosphere, especially the month of July. Indeed, it has always been bullish for Bitcoin (BTC) with an average gain of 7.5%. Will we have that honor this year?
So far, the price of BTC seems to confirm this. He held the important $60,000 support and was even able to bounce back from it, allowing him to approach $64,500.
As a result, it broke its bearish trend line and is heading straight for a new retest of the key resistance at $65,000. If he can break it, he could more easily move towards his last ATH. On the other hand, we have to count on a possible return of $60,000 in case of rejection.
Go further: how to buy bitcoins anonymously?
Be careful because not all lights are green. Future Mt Gox Redemption, With Possible Resale of Around $8.5B in BTC, Risks Reversal. This is especially because the portfolios of short-term holders could liquidate Bitcoin once at $65,000.
Heading into a very volatile month of July?
The fate of Bitcoin is still undecided, but it is likely to change in the coming weeks, especially because numerous Fed speeches and economic announcements planned throughout July. So expect a lot of volatility and remember that nothing is ever taken for granted.
This is why analyst CryptoNuevo predicts a three-phase movement for Bitcoin in the coming weeks. With a jump to $64,000 followed by a return to $59,000 before a major bull run towards new ATHs.
Moral of the story: Fate shuffles the cards and Bitcoin plays.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.