🌎 Bitcoin Poised for Positive July Amid Macro Events and Historical Trends

Bitcoin’s historical data suggests July is often a positive month for BTC holders. This is encouraging news after the asset lost nearly 10% of its value last month.

Bitcoin (BTC) reclaimed the $62,200 level and approached $63,000 on Monday after a 2% bounce, making it the largest cryptocurrency on the market. Data indicates that BTC’s move propelled it above a $43 million liquidity wall, setting BTC up for what may be a green month if history repeats itself.

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

The thesis is supported by fatigued sell-offs from BTC miners. Mining entities previously capitulated and liquidated large amounts of BTC to cover operations costs following the halving. However, this pattern has slowed down heading into the new month.

Bitcoin Support and Resistance

According to data from multiple sources, BTC established support around the $60,500 to $61,600 range. Approximately two million addresses accumulated more than 891,800 BTC worth $55.7 billion. While it’s unlikely that crypto falls below this level, it is not impossible.

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

Macro Events to Watch

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 Jeremy Powell is scheduled 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.