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The price of Bitcoin (BTC) rejected many attempts at recovery this month in alignment with its historical trends. The price of Bitcoin at the time of writing has showcased two distinct price performances today. From a low of $60,630.05 in the past 24 hours, the coin has rallied to $61,605.23, making a growth rate of 1.23% in 24 hours.
<h2 id="strong-will-bitcoin-history-repeat-itself-in-july-strong">Will Bitcoin History Repeat Itself In July</h2>
The price history of Bitcoin is one of the most intriguing per the trends observed. According to insights from Cryptorank, June will mark the second month thus far this month that the price of Bitcoin will close negative.
While January closed 0.87%, February and March ended with 44% and 16.3% respectively. It is worth noting that with the spot Bitcoin ETF launch, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> peaked at its All-Time High (ATH) of $73,750.07 in March. The bullish streak switched to a bearish one in April when it closed down by 14.7%.
<blockquote class="twitter-tweet">
 Historically, when <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> has had a negative June, it tends to bounce back strongly in July. In fact, <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has shown an average return of 7.98% and a median return of 9.60% during this month. <a rel="noopener noreferrer nofollow" href="https://t.co/fJaIwc7Eob">pic.twitter.com/fJaIwc7Eob</a>
 — Ali (@ali_charts) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1807326177910043012?ref_src=twsrc%5Etfw">June 30, 2024</a>
</blockquote>
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However, the month of May saw the coin jump 11.1%, a trend that is now set to change with 8.79% drop thus far this month. Since 202o, the price of Bitcoin has recorded more historical plunges. The month has not been particularly a bullish one for Bitcoin with 4 out of the past 5 years ending in the red.
Despite the erratic posturing of Bitcoin that saw the price trade from a low of $58,554.25 and a high of $71,907.85, market experts remain enthusiastic for its future trajectory. Unlike last June that ended 11.9% high, the last July saw BTC slump by 4.04%. The coin might choose to reverse the trend and end at higher level than where it started from.
While BTC has no major regulatory headwind to watch out for, months like October with historical bullish trend spells good omen for the coin.
<h2 id="strong-btc-growth-catalyst-to-watch-out-for-strong">BTC Growth Catalyst To Watch Out For</h2>
Only very few fundamentals are fueling the resilience and growth in the price of Bitcoin. At the moment, <a href="https://coingape.com/blackrock-bitcoin-etf-ibit-sees-zero-inflows-for-fifth-day-but-heres-the-twist//" target="_blank" rel="noopener noreferrer nofollow">spot BTC ETFs</a> remains the biggest reasons why the coin has not fallen toward the $50,000 support zone.
Notably, spot ETF have seen a reasonable hit thus far this month in relation to their outflows. However, the ETF products have immense hope for recovery. This is because many corporate entities are looking to make their way into the crypto scene.
If achieved, the <a href="https://coingape.com/bitcoin-etf-records-4-day-streak-blackrock-boosts-82m-influx//" target="_blank" rel="noopener noreferrer nofollow">intensive inflow</a> into the product in the coming months might help return Bitcoin price to its previous ATH.
Read More: <a href="https://coingape.com/markets/toncoin-price-analysis-can-ton-700-million-tvl-high//" target="_blank" rel="noopener noreferrer nofollow">Toncoin Price Analysis: Can TON Leverage $700 Million TVL To Hit New High?</a>
The post <a href="https://coingape.com/bitcoin-btc-will-the-history-repeat-for-itself-in-july/" rel="noopener noreferrer nofollow">Bitcoin (BTC): Will The History Repeat Itself In July?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC): Will The History Repeat Itself In July?

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Інші статті, опубліковані 30 черв. 2024 р.

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