Bitcoin analysts say market quickly absorbs selling, paving way for a bullish July

Key Points

1. Bitcoin's trading range of $100,000–$110,000 is driven by profit-taking, with mid to long-term holders (LTHs) leading the sell-off.

2. Coins aged 3–5 years realized $849 million in profits, while the 7–10 years cohort cashed out $485 million, and the 1–2 year cohort realized $445 million.

3. Daily realized profits hit $2.46 billion, with the 7-day average rising to $1.52 billion, surpassing the year-to-date average of $1.14 billion but below Q4 2024 peaks of $4–5 billion.

4. Despite LTHs selling, the market is absorbing the pressure due to steady demand, as noted by CryptoQuant analyst Yonsei Dent.

5. Historical data shows Bitcoin averages a 7.56% return in July, with eight gains in twelve periods, suggesting potential for new all-time highs above $112,000 this month.

6. Technical analysis indicates Bitcoin may enter a swift surge toward $140,000–$150,000 after a prolonged sideways movement, aligning with historical breakout patterns.