Bitcoin continues trading robustly above the $107,000 threshold, buoyed by strong market indicators and historical seasonal performance patterns, setting the stage for potential upside breakouts and conditions favorable to altcoin gains.
Currently priced around $107,076, Bitcoin has surged nearly 50% since early April, demonstrating resilient upward momentum. Analysts observe that this strength aligns with July’s historically favorable performance for major indices like the S&P 500.
The month of July has yielded average returns of 2.3% for the S&P 500 over the past decade, a trend that could bolster Bitcoin’s trajectory. Market analyst 0xNobler projects Bitcoin could reach $215,000 during this period, potentially initiating an altcoin season centered on selective low-capitalization assets.
Supporting the bullish sentiment, Bitcoin ETFs recorded $102.1 million in net inflows recently. Concurrently, Ethereum ETFs saw net inflows totaling $31.8 million.
Further developments saw the US Securities and Exchange Commission announce a delay in its decision concerning the staking feature for the Bitwise Spot Ethereum ETF.