Bitcoin Analyst Sees Bigger Bounce Toward $70,000

Bitcoin's price action after a strong July has led one analyst to suggest that the current dip could be corrective rather than the start of the next major decline in this bear market. The analyst points out that July is historically the strongest month for Bitcoin during bear markets, averaging around 10% gains.

In line with this seasonal pattern, Bitcoin's move into the $66,200 to $76,600 resistance zone was closely followed before getting rejected. Currently, support sits between $59,317 and $62,530, a level that has been tested over the weekend.

As long as this support holds, another bounce toward resistance in the $69,000 to $72,000 range remains a real possibility. However, if the zone breaks, the next leg lower in this bear market could begin sooner than expected.