Bitcoin
Bitcoin ‘seems to recover’ in July after negative June
Cryptocurrency market analyst Ali Martinez expects a recovery in the price of Bitcoin (Bitcoin) price in July after a month of decline.
According to Martinez’s X post on Sunday, the price of Bitcoin has seen an average recovery of 7.98% in July after a “negative June.” The data shows that the price of BTC has plunged by 9.25% in the last 30 days.
Historically, when #Bitcoin had a negative June, tends to recover strongly in July. In truth, $BTC it delivered an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
-Ali (@ali_charts) June 30, 2024
Bitcoin recorded a 30-day high of $71,907 and a low of $58,554 in the mentioned period.
Additionally, data provided by Martinez shows that Bitcoin’s highest average price return of 46.81% occurred in November.
Bitcoin has gained slightly bullish momentum over the past 24 hours, rising 0.94%. The flagship cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap has again surpassed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
BTC Price – June 30 | Source: Trading Insight
Due to the decline in trading volume, lower price volatility and settlements would be expected for Bitcoin.
On the other hand, billionaire entrepreneur and Bitcoin supporter Peter Thiel believes that the price of BTC may not witness a dramatic demonstration. Thiel’s comments came as he still holds a portion of Bitcoin.
Last year, Thiel’s Founders Fund invested around $200 million worth of Bitcoin when the asset’s price was around $30,000.
Bitcoin’s downward movement began on June 10, when BTC exchange-traded funds (ETFs) in the US recorded their first set of net outflows in a month.
Last week, spot BTC ETFs saw $137.2 million in net inflows in the last four trading days. This brought the total amount of net ETF flows past the $14.5 billion mark.