In June, BTC dropped below $30k for the first time since it hit $64,000. A quick recovery saw bitcoin lose 10% last month. The last 30 days showed how strong the $33,000 mark effective as resistance and also support.
The first three days of the new month has seen the $33,000 level play out more as a support than resistance. The King coin current price actions show that it is recovering at a gradual pace. To keep the recovery up, BTC must flip the $35k resistance as it will become long term support if sustained.
July is usually not the most favourable and not the least favourable month for the largest coin by market cap. Looking at the monthly return, Bitcoin gained 6.2% on average every July.
There is no clear pattern for the sixth month to turn out good or bad. One bullish indicator for this month is that BTC recorded a loss for the last two months. Based on recent price performance, once the king coin sees two months of loss a month of gain follows.
This month, we may see the number 1 coin by market cap hit $37,000 and trade at $33,000 with an occasional retest of the $37k resistance. Possibly we may see a 10% increase this month.
Interesting, we are seeing a more pronounced hammer pattern on the BTC monthly chart that may signal the end of the bearish dominance it is currently experiencing.
On a quarterly, bitcoin has seen a more bearish third quarter than the bullish ones. Interesting, BTC recorded 3.22% on average during Q3. The highest loss the king coin incurred during the third trading section of the year is 40%.
It is very unlikely we see a 40% drop in this quarter but in a worst-case scenario we may up to a 20% drop. A good start to the quarter could also have a huge impact on bitcoin performance.
