spot_imgspot_imgspot_img

Bitcoin Makes a Calm Start to July: What’s the Next Move for BTC Price!

  • 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

Bitcoin (BTC)
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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.

Bitcoin, The 21st Century’s Berkshire Hathaway, Says SkyBridge’s Scaramucci

In a bold statement, Anthony Scaramucci of SkyBridge Capital compares Bitcoin to Berkshire Hathaway, suggesting that the cryptocurrency holds significant long-term value and wealth generation potential akin to the conglomerate led by Warren Buffett.

XRP Token Burning Hits Record High as Prices Surge!

In an intriguing development, the XRP Ledger has experienced an abnormal spike in token burning, coinciding with a robust rally in XRP prices, reflecting heightened activity and interest in the cryptocurrency.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.