Bitcoin's July Gains Mask Larger Bear Market Concerns

Bitcoin closed July at $62.8K, marking a 7.2% gain for the month. However, the higher-timeframe price structure remains bearish, with the $64K-$65K area flipped from support to resistance.

According to crypto analyst Axel Adler Jr., the current price is still close to 39% above the historical median trajectory. Measured from the cycle's peak and comparing it to the median trajectory of the previous three cycles, the expected market price now is $45,347.

This doesn't mean the price will fall to this level or that a bullish turnaround will commence. It only highlights the relatively milder nature of the bear market thus far.