Bitcoin Bounce Toward $70,000 Still Possible, Analyst Says
Bitcoin's recent pullback after a strong July has some analysts expecting a bigger bounce toward $70,000. According to analysis, the current dip could still be corrective rather than the start of the next major decline in this bear market.
The analyst notes that Bitcoin's move into the $66,200 to $76,600 resistance zone followed the seasonal pattern closely before getting rejected. Historically, July tends to be the strongest month of a bear market year, averaging around 10% gains, while August has historically been one of the weakest.
Bitcoin's support zone currently sits between $59,317 and $62,530, which was tested over the weekend. The price reportedly spent time above the upper boundary of that zone during the weekend session, a sign the support area is holding for now.