Data Never Lies: Bitcoin’s Soaring Surge to $60K Hints at a Summer Filled with Upside
Bitcoin’s recent climb above the critical $60,000 threshold, fueled by significant buying activity, is indicating a potentially prosperous July for the cryptocurrency. On-chain data showcases a strong demand, with 237,000 addresses amassing Bitcoin within the $61,000-$62,600 range, aligning with historical patterns of positive July returns.
Throughout history, July has proven to be a favorable month for Bitcoin, boasting an average return of 7.42%. Consequently, investors and traders are closely observing whether Bitcoin can sustain this upward momentum.
This specific price range, fortified by substantial buying activity, serves as a solid foundation for potential further gains. The influx of buyers at these levels denotes confidence in Bitcoin’s upward trajectory.
Recent analysis conducted by CryptoQuant reveals that sellers are displaying signs of exhaustion, a development that could further stabilize Bitcoin’s price. When selling pressure dwindles, it often corresponds with a more stable or upward price trend, indicating a potential decline in downward pressure on Bitcoin.
Furthermore, data derived from IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) analysis bolsters this bullish outlook. The analysis unveils significant support levels within the current price range, representing areas where substantial amounts of Bitcoin were previously purchased. This suggests that many holders are presently “in the money” (i.e. profitable), which may incentivize holding behavior, reduce the likelihood of a sell-off, and potentially pave the way for additional price increases.
All in all, Bitcoin’s recent performance above the $60,000 support level, combined with robust buying activity, historical trends, and diminishing selling pressure, paints a positive picture for the cryptocurrency’s potential in July.
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