Bitcoin, after a period of decline and rangebound trading between $59,000 and $74,000 since April, could be on the cusp of a bullish July. Seasonal trends, such as profit-taking around tax season in April and May and increased demand in December, often influence cryptocurrency prices, leading to predictable patterns. Historical data shows an average gain of over 11% for Bitcoin in July, with 7 out of 10 months seeing positive returns. QCP Capital highlights that Bitcoin has a median return of 9.6% in July and typically bounces back strongly after a negative June, which saw a -9.85% decline. Furthermore, US-listed Bitcoin ETFs experienced nearly $130 million in inflows on the first day of July, their highest since early June, following over $900 million in outflows throughout the previous month. This influx of funds, coupled with historical trends and anticipation surrounding the launch of an Ethereum spot ETF, suggests a potential bullish July.
Coindeskâ˘11 months agoâ˘
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Bitcoin Poised for a 'Bullish July' as ETFs See $124M Inflows
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Summary:
Bitcoin could experience a bullish July due to historical trends and seasonal cycles.
Bitcoin has a median return of 9.6% in July and often rebounds strongly after a negative June.
US-listed Bitcoin ETFs recorded nearly $130 million in inflows on the first day of July, the highest since early June.
Bitcoin has historically gained an average of over 11% in July, with positive returns in 7 out of 10 months.
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