Bearish Trend Persists as Bitcoin Closes July at $62.8K

Bitcoin's July performance ended on a high note, closing at $62.8K with a gain of 7.2% for the month.

However, this uptick in price does not necessarily signal a shift towards a bullish trend.

In fact, analysts suggest that key support levels have turned into resistance, indicating a bearish overall market sentiment.

The current price is still above historical median levels, which suggests that the bear market so far has been relatively mild.

But, August historically sees declines, and recent sell signals, coupled with very negative social media sentiment driven by security concerns, suggest potential further downside.