Bitfinex: July is historically positive for BTC, but recovery requires sustained demand

In a recent report, Bitfinex noted that July is historically a positive month for Bitcoin. However, the analysis pointed out that seasonal factors alone will not be enough to sustain a recovery, emphasizing the need for continuous spot and institutional investment demand, CryptoPotato reported. Bitfinex highlighted that June was a difficult month for Bitcoin, marked by price weakness and sluggish spot demand and institutional inflows. The cryptocurrency fell 20.48% in June, a much steeper drop than its seasonal average decline of 1.5%. The report added that while there are suggestions the market may be approaching a bottom, this cannot yet be confirmed.