Bitcoin Analyst Sees Bigger Bounce Toward $70,000

The price of Bitcoin has pulled back after a strong July, but one analyst believes that this dip may not be the start of the next major decline in this bear market. Historically, July tends to be the strongest month of a bear market year, averaging around 10% gains.

Bitcoin's move into the $66,200 to $76,600 resistance zone followed this seasonal pattern closely before getting rejected.

The support zone for Bitcoin currently sits between $59,317 and $62,530. Price reportedly spent time above the upper boundary of that zone during the weekend session, a sign that the support area is holding for now.