Bitcoin (BTC) Reclaims $62.2K, Historical Data Hints at a Green July Month

Bitcoin (BTC) reclaimed the $62,200 level and approached $63,000 on Monday after a 2% bounce for the largest cryptocurrency on the market.

Bitcoin (BTC) price showed a 2% gain on Monday, bringing the largest cryptocurrency by market capitalization to the $62,200 level. BTC approached $63,000 during the early hours of Monday’s session.

As reported by CoinGlass data, BTC’s move liquidated a $43 million liquidity wall during the session. This puts Bitcoin in a prime position for a positive month if historical七月 performance holds.

CoinGlass data showed that BTC’s move liquidated a $43 million liquidity wall

In previous years, an average Bitcoin increase of almost 8% in July followed a red candle close in June. BTC shed value in six instances in June between 2013 and 2024, but the asset boomed by at least 9.6% in July during these six years.

As previously reported by crypto.news, the theory is supported by疲惫不堪的sell-offs from BTC miners. Mining entities have capitulated and liquidated swaths of BTC to cover operations costs following the halving. However, this pattern has slowed down heading into the new month.

Bitcoin support and resistance points

According to data from Glassnode and IntoTheBlock, BTC has established support around the $60,500 to $61,600 mark. At this level, some two million addresses have accumulated over 891,800 BTC, valued at $55.7 billion. It’s unlikely that crypto will fall below this level, although it’s not impossible.

At the same time, two major resistance walls at $64,700 and $64,550 may stand between Bitcoin and a short-term blitz back to the $70,000 range.

Macro events to look out for

Per Lucy Gazmararian, the correlation between BTC and macroeconomic events may strengthen due to inflationary periods and geopolitical uncertainty. Considering ongoing global inflation, particularly in the U.S., and tensions in Eastern Europe and the Middle East, macro events could have a greater impact on BTC markets.

Federal Reserve Chairman Jerome Powell is set to speak on July 2, followed by the Federal Open Market Committee (FOMC) minutes on July 3 and U.S. Jobs data on July 5. Positive news from all three events may bolster Bitcoin’s bullish momentum this month or stall the asset.

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