Bitcoin Posts 7% Gain in July as Price Rebounds Above $63,800

Bitcoin's price has rebounded in July, posting a 7% gain after reaching as low as $58,000 USD at the end of June. The cryptocurrency is now trading at around $63,800 USD, its highest level since mid-July when it briefly broke above resistance at $65,000 USD.

The price increase comes despite volatility in equity markets and ongoing uncertainty surrounding the Clarity Act legislation in the US Congress. Analysts say that Bitcoin needs to consistently stay above $65,000 USD for a meaningful recovery to take hold.

Data shows that inflows to exchange-traded funds (ETFs) tracking the spot price of BTC have been at their lowest level on record during July, which may be contributing to the lack of momentum. JPMorgan Chase has warned that continued wrangling over the Clarity Act is holding back Bitcoin and other digital assets.

Historically, Bitcoin tends to perform well in the second half of the year, with a significant portion of its annual gains coming in the fourth quarter.