As July begins, Bitcoin traders are predicting positive changes in the market. Historical data hints at potential price increases this month, bypassing negative trends.
Bitcoin and Stock Markets
Traders suggest that Bitcoin will follow trends in the stock market this month. Historically, July has proven profitable for U.S. stocks, with the S&P 500 showing 10 consecutive positive months in July over the past decade.
Current Market Situation
At the start of the month, Bitcoin experienced a slight downturn, falling below $106,500. Data indicates that support begins at $106,200, while shorts remain above the $108,000 mark.
Optimistic Trader Predictions
Despite a weak start, traders remain optimistic. Bitcoin is displaying unstructured patterns such as 'Double Top' and 'Double Bottom', suggesting the potential for further testing of support levels before possible upward movement.
Considering historical data and the current market situation, traders forecast possible Bitcoin growth in July. Investors should proceed with caution and monitor market changes.
