Bitcoin concluded June trading at a record closing price of $107,100, accompanied by a ‘spinning top’ candlestick pattern. This technical indicator suggests market indecision but maintains the underlying bullish pressure responsible for its ascent above $100,000.
Historical trends lend support to continued optimism. Analysis reveals Bitcoin has achieved positive returns in seven out of the past ten July trading periods, boasting an average gain of approximately 9% for the month.
The cryptocurrency currently faces a crucial technical hurdle near the $108,890 resistance level. Although Bitcoin briefly surpassed this mark intra-day, its final June settlement landed just below at $108,380.
Despite a minor pullback of around 2% observed over the past day, Bitcoin continues to consolidate firmly near the psychologically significant $107,000 threshold, indicating a period of stabilization.
Prominent market analysts, including Markus Thielen of XYZ Analysis, point to these combined technical factors alongside established seasonal tailwinds and prevailing momentum in equity markets. They assess the probability of Bitcoin initiating a meaningful rally throughout July as notably high.