The recent market movement indicates a positive outlook for the asset following a 10% loss in its value last month. CoinGlass data reveals that BTC has surpassed a $43 million liquidity barrier, potentially setting the stage for a positive month ahead. Historical trends show that despite shedding value on six occasions in June between 2013 and 2024, BTC experienced substantial growth of at least 9.6% in July during these years.
Mining entities had previously liquidated BTC to cover operational costs after the halving, but this trend has slowed down as the new month begins. Accumulation of over 891,800 BTC, worth $55.7 billion, in around two million addresses suggests a strong support level, although the possibility of crypto falling below this level cannot be discounted. There are also significant resistance barriers at $64,700 and $64,550, potentially hindering Bitcoin’s upward momentum towards the $70,000 range.
Geopolitical events, such as global inflation and tensions in Eastern Europe and the Middle East, could have a substantial impact on BTC markets. Positive developments in these areas may either bolster the bullish momentum or potentially stall the asset’s progress.
