- The rejection of SEC’s spot BTC ETF applications has created intense selling pressure and has indicated a sudden movement among investors.
- As we enter the second half of the year, market trends in July will play a decisive role in shaping the future of Bitcoin.
- Considering historical trends, July appears even more promising. Throughout Bitcoin’s history, the price has not experienced a decrease of more than 10% within this month.
As we start the second half of the year, the cryptocurrency market presents a calm outlook; what will be the next step for Bitcoin’s price?
The Cryptocurrency Market Enters the 3rd Quarter of the Year
As we enter July, the cryptocurrency market eagerly awaits the upcoming movement. The rejection of SEC’s spot BTC ETF applications has created intense selling pressure and has indicated a sudden movement among investors. The question on everyone’s mind is, “What will be the next step for Bitcoin?”
As we enter the second half of the year, market trends in July will play a decisive role in shaping the future of Bitcoin. The performance of this month will provide important insights into whether Bitcoin can sustain its bullish momentum and achieve its major targets. Therefore, the next 30 days are not only significant but also have the potential to move the BTC price above $40,000 or below $20,000.
The U.S. Securities and Exchange Commission (SEC) initially found the ETF applications submitted by various companies insufficient. However, these companies quickly responded to the regulator’s concerns, leading to discussions within the community. This rapid movement has sparked speculation that the U.S. may be on the verge of approving its first spot ETF.
However, recent BTC movements by miners may affect the price in the near term. As the price continues its upward trend, miners have started transferring significant amounts of Bitcoin to exchanges. This transfer currently represents an impressive $105 million transaction and has been recorded as the second-largest transaction made by Bitcoin miners.
It is expected that this significant sale may increase the supply of Bitcoin on exchanges and create downward pressure on the token’s price in the near future.
However, considering historical trends, July appears even more promising. Throughout Bitcoin’s history, the price has not experienced a decrease of more than 10% within this month.
What Will Be the Next Step for BTC Price?
While Bitcoin continues a tight consolidation process around $30,500, it faces resistance around $30,800. This indicates that bears are making every effort to halt the upward trend, while bulls continue to apply pressure. At the time of writing, the BTC price is trading at $30,580 with a 0.1% increase.
Typically, tight consolidation near a resistance level results in an upward breakout. The rising 20-day exponential moving average around $30,504 and the relative strength index (RSI) in positive territory indicate that the path ahead is to the north.
If buyers manage to keep the price above $31,000, Bitcoin’s price can gain momentum and initiate the next stage of the uptrend. While there is a minor resistance around $32,500, it is likely to be surpassed. The price can then aim for the $40,000 target.
