August Uncertainty: Bitcoin Price Flashes Warning Signs

Bitcoin's price has been on a rollercoaster ride in recent days. After closing July up nearly 7.50%, it dropped by around 2% to trade near $62,988 on Friday.

Despite this pullback, analysts are sounding caution ahead of August. Historically, the month has not been kind to Bitcoin, with an average return of +1.06% and a median of -6.99%. This year's election season adds extra uncertainty, as BTC has never closed in the green during a midterm election year.

Ali Charts pointed out that the TD Sequential indicator printed a sell signal on the daily chart just before August began. Crypto Rover noted that Bitcoin has dropped shortly after every Federal Reserve interest rate decision this year, and price action around the latest FOMC meeting followed the same script.