Bitcoin Price Pulls Back to 0.79 OTE as Analyst Warns of Potential Weakness

Bitcoin's price has pulled back to $63,985 after rejecting an order block near $67,000. Analyst Benjamin Cowen warns that this July rally may only have two weeks left before seasonal weakness takes over.

Cowen argues that the 2026 cycle is tracking the 2018 cycle as a less volatile version of the same midterm year cycle. He notes that Bitcoin is ping-ponging between two levels it cannot durably break: the bear market resistance band above and the 200-week moving average below.

The July rally has been driven by three consecutive weeks of ETF inflows, which Cowen sees as a sign that the institutional floor is holding. However, he also notes that the 2018 analog suggests that what goes up in July comes back down in August.