Bitcoin closed July under $64,000, a 9% monthly gain that reversed a rough June. History now works against the rebound, since the largest cryptocurrency has closed August lower for four straight years.
Bitcoin closed July under $64,000, a 9% gain for the month, after a rebound that reversed a rough June. Now the largest cryptocurrency faces an August that has closed in the red for four consecutive years.
Before the rebound, bitcoin suffered its most violent June in four years, tumbling 20.48% compared with a 37.28% drop in June 2022. That decline set low expectations, but history has generally favored bitcoin in July: nine of the last 11 Julys have closed higher.
Still, July began roughly, as bitcoin dipped below $58,000 on July 1, the first time in nearly two years it traded that low. Bears did not hold control for long, though, and the asset reclaimed $60,000 within a day or two.
The rally continued from there, and bitcoin peaked on July 21 at $67,000, its highest price in two months. Buyers could not hold that level, though, even as softer-than-expected inflation data for June lifted sentiment. The Fed also refused to hike interest rates last week, yet bitcoin still slipped back under $64,000 by month's end.
Analyst Ali Martinez noted yesterday that the last four Augusts have all closed in the red, with losses of 13.88%, 11.29%, 8.6%, and 6.49% respectively. Still, those losses have narrowed every year, from 13.88% down to 6.49% last year.
Source: CryptoPotato
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