Bitcoin is limping below $20,000 today as Asia widens weakness in global equities. June saw the price of BTC drop from $31,600 to $17,744. So what awaits Bitcoin price amid the bull or bear struggle in July?
What awaits Bitcoin price in July
TradingView data showed that the Bitcoin price dropped below $20,000 for the first time in about a week. However, the leading cryptocurrency is having a relatively bad month. After starting the month around $31,600, it has set the bottom at $17,744.
Since its monthly opening, the BTC price has dropped below $30,000. Then it remained at this level for about a week. Here, too, it could not find support, and with a slight momentum, gold fell under $29,000. From this point forward, the BTC price could not rebound as before as the bulls lost hope.
Bitcoin hit $17,744 at one point in June before retracing $21,000. It is currently busy maintaining the $20,000 support. Meanwhile, investors want to know what levels this consolidation points to for July, especially considering BTC’s historical performance in July.
Analysts share their expectations for July
BTC price gained around 24% and 18% in July 2020 and 2021, respectively. All in all, the past July months have been pretty productive for Bitcoin. On the other hand, it recorded a 6.81% decrease in July 2019. Looking at the overall situation, July has been a generally bullish month for Bitcoin.
Some Twitter analysts, including analyst Crypto Tony, predict that BTC will see high volatility in July 2022. On the other hand, considering that July 4th is a federal holiday in the United States and banks will be closed, Arthur Hayes predicts that the price of BTC will drop in the first days of July.
BTC’s position relative to the weekly 200 moving average is a crucial metric that will give investors a better picture of what the BTC price will do in July (MA). By the end of the month, BTC is expected to drop below the 200-week MA for the first time.
John Bollinger updates his Bitcoin price predictions
Technical analyst John Bollinger, who invented the Bollinger Bands, says that Bitcoin has actually reached a macro bottom. The analyst shared these predictions on Twitter on June 27.
When it comes to Bitcoin, Bollinger emphasizes that BTC has managed to stay above the lower band on the monthly chart. Besides, he suggests that Bitcoin could bottom out at current prices. Bollinger’s analysis comes as leading analytics firm Santiment says they are seeing positive signals for BTC on-chain. According to Santiment, interest in Bitcoin has soared this month. This shows that traders are taking a break from heavy altcoin speculation. As we have quoted as Kriptokoin.com, Santiment conveyed the following on Twitter:
Bitcoin is seeing increased controversy in the second half of June after the majority of altcoins fell 80% or more from their November market cap. Historically, the waning interest in inorganic altcoin rises is a positive sign for crypto.
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