Bitcoin commenced the first week of July on a positive note, surging 5% within a single day to reach $63,700 on July 1. This rise in price signals increasing accumulation among bullish traders, potentially paving the way for further upward movement in the coming days.
Bitcoin’s Price Starts July with a 5% Surge
The global cryptocurrency market experienced significant volatility throughout June 2024. Despite active buyer participation, several bearish developments, including the US Federal Reserve’s decision to postpone interest rate cuts for the first half of 2024 and delays in launching Ethereum ETFs, hindered sustained upward momentum in the market during the month.
Bitcoin concluded June 2024 with a decline exceeding 16%, dropping from $67,800 on June 1 to a low of $60,600 by June 30. However, the beginning of July has shown promising signs of a potential prolonged bullish phase for BTC.
Bitcoin Price Action | BTCUSD July 2024 | TradingView
The chart above illustrates a negative growth performance of 12.15% for Bitcoin’s price throughout June 2024. Nevertheless, over the past 48 hours, Bitcoin bulls have regained momentum, initiating a strong start to July.
Since June 30, Bitcoin’s price has surged by 5%, reaching $62,800 at the time of writing on Tuesday, July 2. With three consecutive green candles, it appears that bullish forces have taken control of Bitcoin’s short-term market dynamics.
Beyond mere price movements, on-chain data suggests that the current resurgence in Bitcoin is underpinned by sustained bullish activity among institutional investors.
Bitcoin Price Forecast: Potential Retest of $70,000 in July
Since June 30, Bitcoin has seen a 5% increase in its price, reaching approximately $62,800 by Tuesday, July 2. This recent upward momentum is highlighted in the Fibonacci retracement chart, offering crucial insights into potential future price movements. Fibonacci levels indicate pivotal resistance and support zones that traders should closely monitor.
Bitcoin Price Forecast | BTCUSD
According to Fibonacci extension levels, immediate resistance for Bitcoin is identified within the $64,000 to $65,000 range. This range represents a significant hurdle that Bitcoin must surpass to sustain its upward trajectory.
A successful breach above this level could set the stage for a retest of the next major resistance zone, ranging from $68,000 to $70,000. This upper resistance not only aligns with a key Fibonacci level but also serves as a psychological barrier, potentially becoming a target for bullish investors throughout July.
On the support side, Bitcoin finds robust backing around the $60,000 level. Historically, this level has acted as a critical pivot point, preventing deeper declines during bearish phases.
The Fibonacci chart reinforces the importance of this support level, suggesting that $60,000 could serve as a crucial floor if Bitcoin faces selling pressure. Further down, additional support is observed around $58,000, offering another layer of defense against potential downturns.
Given current market dynamics and institutional investor support, Bitcoin appears well-positioned to sustain its bullish momentum. A breakthrough above the $64,000 to $65,000 resistance range could increase the likelihood of retesting the $70,000 level in July.
Disclaimer: This content serves informational purposes only and should not be construed as financial advice. The opinions expressed in this article are personal and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for financial losses incurred.