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Bitcoin’s Recovery Gains Momentum, Putting July Off to a Strong Start

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As analysts have predicted for July based on historical data, BTC is off to a strong start. The leading digital currency has rebounded from its most recent low of $57,700 to $64,000, a major support and pivot level.

According to the latest CryptoQuant weekly laporan, bitcoin’s rebound can be attributed to July’s positive seasonality and recovering demand. These factors are likely to contribute to a significant pump before the month runs out.

July Starts Strong, Bitcoin Sees Recovery

To substantiate the claims, CryptoQuant analysts cited past data that showed that the seasonal tailwind is strongest in July during bear markets. July has become bitcoin’s reliable positive month over the last decade. During previous bear cycles in 2018 and 2022, BTC closed the month with 20% and 17% surges, respectively.

So far this month, BTC has risen 11% from its lows of $57,700, trading above $64,000. The positive momentum witnessed in July usually happens regardless of how weak the broader market trend is. Since BTC entered July fresh off a bear market low, there is a higher chance of further upside, thanks to positive seasonality.

Moreover, total bitcoin demand is recovering and has climbed back towards neutral after its sharpest contraction since 2022. Analysts noted a recovery in 30-day total demand metrics after the indicator fell to -650,000 BTC in early June as the asset declined toward $58,000.

“It has since recovered to near neutral, with speculative futures demand turning slightly positive while spot apparent demand contracts at its slowest pace since mid-May. A move back into positive territory would confirm that the demand engine is re-igniting,” analysts explained.

Stronger Demand Still Needed

Furthermore, investor demand in the United States is improving, as seen in the Coinbase Premium Index, which has recovered from deeply negative readings to -0.062. The rebound was aided by BTC rebounding from the $57,000 level. It signals that selling pressure on U.S. trading platforms is easing and institutional appetite is stabilizing.

Unfortunately, market conditions are still extremely bearish despite these recent developments, as seen in the CryptoQuant Bull Score Index hovering at 20, which is the bearish zone. Even though BTC has reached short-term undervalued territory and more price recovery is possible, stronger demand is needed.

In fact, the Bull Score Index needs a reading above 60 for a sustainable rally. Until this happens, every rebound will be treated as a bear-market recovery, not a trend reversal.

Pos Bitcoin’s Recovery Gains Momentum, Putting July Off to a Strong Start muncul pertama kali di CryptoPotato.

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