What will happen to Bitcoin in July

Our experts have commented on the current state of Bitcoin and the crypto market as a whole. And also named the key events that will affect the cryptocurrency price this month

In early July, Bitcoin (BTC) has held steady at slightly above $30,000. Over the past month, the first cryptocurrency has gained about 14%. Despite the negative news backdrop of early June. Which is related to the US regulators’ lawsuits against the largest cryptocurrency exchanges Binance and Coinbase. But news of plans by major investment firms BlackRock and Fidelity to enter the crypto market has boosted investors’ optimism.

Bitcoin for June showed a strong bullish trend, which was supported not only by fundamental news. It also saw an increase in purchases of the asset on the spot market, indicating increased investor interest in the cryptocurrency benchmark. At the end of the first half of the year, Bitcoin became one of the growth leaders among crypto-assets. And this dynamic fits well with the concept in the market. That started to take shape after FTX collapsed last November.

Our experts note that among the factors that will play a role, one of the important fundamental events will be the Fed’s interest rate decision at the next meeting. The markets are laying down the likelihood of a rate hike in July. But if the Fed is not in a rush to continue tightening or indicates that the pace and speed of rate hikes will not be rapid. Cryptocurrency will react positively to such rhetoric, which will support crypto-assets.

The entire market awaits strong growth

The Bitcoin price has spent the last week in a quiet sideways consolidation process. The flagship cryptocurrency had previously risen markedly; it was time for analysis and data collection. The market has gathered maximum support factors, from SEC and Binance agreements to massive interest from BlackRock and Fidelity funds in Bitcoin-ETFs. New crypto exchanges are opening, and platforms are pining for strong growth – and at this point, it has all coincided.

Technically, there is nothing to prevent BTC from moving towards $40-42k. Seasonal cycles show that the rising trend could stretch until July 22-25. The support level is located at $29,800, resistance is at $31,150.

In July, bitcoin rate, according to seasonal cycles and technical analysis data, may strengthen in the range of $33-34 thousand. For this purpose, the market needs to consolidate above the resistance level.

The number of cryptocurrency wallets with assets under 1 BTC is increasing. And there is demand from individuals on the side of the flagship cryptocurrency. In addition, investors are closely involved in the issue of bitcoin-ETF licensing. If the SEC approves such licences, the funds will trigger demand for Bitcoin. And that does not exist on the market in the right volume. A supply vacuum will cause a violent rise in the price. This is a long-term influence, but any positive news in that direction will support the BTC exchange rate.

The crypto market’s capitalisation has been rising for the past two weeks and stands at $1.210 trillion. It has recovered markedly from the downturn, which is a signal that investors are willing to buy.