Bitcoin Price Retreats to 0.79 OTE as Analyst Warns of Seasonal Weakness

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

Cowen points out that in 2018 and 2022, Bitcoin rallies in July were followed by a decline in August and September. He believes that this year's rally will follow a similar pattern, with the S&P 500 topping in August or September triggering a broader risk-off move that pulls Bitcoin lower.

The Institutional floor is holding strong, however, as spot Bitcoin ETFs have recorded three consecutive weeks of inflows, despite a daily outflow on Thursday. Total net assets across all funds stand at $77.82B with cumulative inflows at $51.39B.