July Gains Mask Skepticism: Bitcoin Market Sentiment Remains Bearish

The July gains of 7.2% for Bitcoin may be masking an extremely skeptical market. The cryptocurrency closed the month at $62,800, marking a gain but still with a bearish higher-timeframe price structure.

However, some analysts argue that BTC is holding up relatively well. Axel Adler Jr. noted that the current price is 39% above the historical median trajectory.

The median trajectory of previous cycles suggests that $45,347 is the expected market price now, measured from the cycle's peak. This does not confirm a bullish turnaround but highlights the milder nature of the bear market so far.

Despite this, analyst Ali Martinez warns of another potential sell-off in August, which has averaged a 10% decline since 2022. The TD Sequential also printed a sell signal ahead of July that has preceded a market setback in recent years.