CryptoQuant: BTC historically strong in July, suggesting short-term upside

Bitcoin tends to show strength in July, even during bear markets, according to CryptoQuant. The analytics firm noted that despite overall bearish market trends in 2018 and 2022, Bitcoin rose by 20% and 17% in July of those years, respectively. This year, Bitcoin entered July after an approximately 11% rebound from its cycle low of $57,700, and CryptoQuant suggested that this seasonal factor points to a higher probability of further short-term gains. The firm added, "Speculative demand in the Bitcoin futures market is recovering to a neutral level. A rebound in the Coinbase Premium Index also suggests improving demand from U.S. investors."