Memecoin

Bitcoin

Bitcoin may see a strong rebound in July following a lackluster performance in June, which saw Bitcoin falling almost 7% in the month.
The price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) historically averaged a slump of 0.35% in June, <a href="https://www.coinglass.com/today" target="_blank" rel="noopener nofollow">according</a> to data from Coinglass, which tracks the monthly returns of Bitcoin beginning in 2013. 
The data shows that in previous years, whenever June ended in a downtrend, the following month saw a roaring comeback, with Bitcoin gaining an average of 7.42% historically. 
Overall, BTC has posted minimum monthly gains of 8% for seven of the last 11 July trading periods.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/9902374c-a19a-463e-9ce7-d10b0ce86f08.png" alt="" title="">
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 Historically, Bitcoin has performed strongly in July when June ended in a decline. Source: CoinGlass
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Memecoin analyst Murad also highlighted this in a post to their 103,000 followers on X, pointing to the swift historical rebounds beginning in July.
Murad noted that Bitcoin had posted minimum gains of 28% in the first few weeks of every July for the last six consecutive years. 
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 Source: <a href="https://x.com/MustStopMurad/status/1807530036116750820" target="_blank" rel="noopener nofollow">Murad</a>
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However, several analysts predict July could be tougher than usual. They <a href="https://cointelegraph.com/news/german-gov-sells-900-bitcoin-400-btc-coinbase-kraken">point to sizeable sale of Bitcoin</a> by the German government and the upcoming Mt. Gox repayments,&nbsp;which could put pressure on the price of Bitcoin.
<h2 data-ct-non-breakable="true" id="mt-gox-bitcoin-adds-new-pressure">Mt. Gox Bitcoin adds new pressure</h2>
The&nbsp;<a href="https://cointelegraph.com/news/3-things-spoil-bullish-july-for-bitcoin#:~:text=Mt.,-Gox%20unlocking%20%249&amp;text=Gox%2C%20once%20the%20largest%20Bitcoin,loss%20of%20over%20850%2C000%20BTC.">repayments are expected to see</a> around $8.5 billion in BTC paid back to creditors starting in the first week of July.
However, several analysts believe the impact of these <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">repayments may not be as dire</a> as many investors expect, with only $4 billion set to hit the spot BTC market. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-interesting-triple-candle-61-5-k">Bitcoin price gets 'interesting' as triple candle close sees $61.5K return</a>
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, told Cointelegraph in a recent interview that Bitcoin had been trading strongly in a low to mid $60,000 range despite headwinds. 
He said he expects the asset to hold around this level but said it could fall to its “key support” level at around $57,000 in the coming weeks as Mt. Gox creditor repayments hit the market.
Historically, Bitcoin’s best monthly performance tends to arrive in November, with an average monthly gain of 46.81% since 2013. 
Magazine — <a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

History suggests Bitcoin poised for rebound in July

Obsah

Cointelegraph

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