Data Doesn’t Lie: Bitcoin’s $60K Surge Signals a Summer of Gains
- Bitcoin reclaims $60,000 support level, indicating a bullish July.
- Strong buying activity and reduced selling pressure fuel positive sentiment.
- Historical data and on-chain analysis support potential for continued price appreciation.
Bitcoin’s recent surge above the key $60,000 mark, driven by substantial buying activity, is signaling a potentially bullish July for the cryptocurrency. On-chain data reveals strong demand, with 237,000 addresses accumulating Bitcoin in the $61,000-$62,600 range, aligning with historical trends of positive July returns.
Historically, July has been a favorable month for Bitcoin, averaging a 7.42% return. Investors and traders are now keenly observing whether Bitcoin can maintain this upward momentum.
Source Bitcoin News X (formerly Twitter)
This price range, bolstered by substantial buying activity, serves as a strong foundation for potential further gains. The influx of buyers at these levels signals confidence in Bitcoin’s upward trajectory.
Recent analysis by CryptoQuant reveals that sellers are showing signs of exhaustion, a development that could further stabilize Bitcoin’s price. Reduced selling pressure ofte…
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