Bitcoin continues to trade between $100,000 and $110,000 due to long-term holders locking in profits. This article examines current trends and forecasts for the upcoming month.
Current Bitcoin Price Dynamics
According to Glassnode data, Bitcoin's current price fluctuates between $100,000 and $110,000 as a result of profit-taking by long-term holders. Specifically, coins aged 3 to 5 years yielded $849 million in profit, while coins held for 7 to 10 years realized $485 million.
Coin Movement Analysis and Its Significance
CryptoQuant analyst Yonsei Dent noted that despite long-term holders selling, Bitcoin's price remains relatively stable, indicating market readiness to absorb selling pressure. He explained that the consistent movement of older coins is a positive signal for the market in a bull cycle.
Market Forecasts for July
According to Cointelegraph, historically, July has been one of Bitcoin's most successful months, averaging a 7.56% return since 2013. The price growth observed in July may lead to new all-time highs above $112,000. Analyzing current patterns suggests the next surge could reach the $140,000–$150,000 range before the market enters a consolidation phase.
Thus, despite current sales and market fluctuations, analysts remain optimistic about Bitcoin's further growth in July.
