Bitcoin Price July 2024: Recovery Trends & Predictions

Bitcoin Price July 2024 Forecast: Will BTC Price Bounce Back?

• Wallets held by short-term investors are in the red and could liquidate close to $65,000, which is their breakeven point.
• Wallets for long-term holders are designed to hold or increase their coin stash because they typically cost less than $20,000.

Now that June is over, it’s important to remember that over the previous 30 days, Bitcoin experienced a complete rollercoaster, rising as high as $72,000 and falling as low as a little over $58,000. Nonetheless, the sellers prevailed in the end, bringing the price down by almost 7.07% overall. But July is usually a good month for Bitcoin, according to well-known expert Ali Charts.

Does the Bitcoin Price Surge Signal Good News for July?

Miner selling and worries that inflows into ETFs may be non-directional arbitrage bets rather than pure optimistic wagers were the key causes of June’s decline, which reverted May’s uptrend. However, over the last day, the Bitcoin price surged by 2.28%, and it is currently trading at over $62,871. Its weekly performance has also improved by roughly 1.6% as a result of this. As a result, many short positions have naturally fallen, with $106 million in liquidations over the last 24 hours, with sellers accounting for almost 85% of these.

The price of bitcoin has fallen below the aggregate cost basis of short-term holders for the first time since August 2023. In the short-term, we should expect some resistance around the ~$65,000 level as short-term market speculators may look to exit their positions at a ‘breakeven’ level. Last summer when BTC lost the STH RP (realized price) support level, price traded sideways for another two months before finally breaking out again,

analysts at Blockware Intelligence

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