Bitcoin Analyst Sees Bigger Bounce Toward $70,000

A bitcoin price bounce toward $70,000 remains possible according to an analyst, despite July's strong rally coming back down.

The current dip may be corrective rather than the start of the next major decline in this bear market, as July tends to be the strongest month in a bear year, averaging around 10% gains.

Bitcoin's move into the $66,200 to $76,600 resistance zone followed that seasonal pattern closely before getting rejected, with support now sitting between $59,317 and $62,530.