What Awaits Bitcoin in July? “There Are Too Many Bullish Signs”

According to analysis by cryptocurrency trading firm QCP, Bitcoin may have a bullish performance in July.

Bitcoin, which dropped from over $71,000 to below $60,000 in June, made a solid start to July.

A strong recovery may come in July

Bitcoin entered July above $63,000 after a “fake” drop below the $60,000 support level last week.

QCP analysts stated that there was a net inflow of $73 million into spot Bitcoin ETFs in the United States on Friday. This was the highest number recorded in the last two weeks.

Founded in 2017, QCP is one of the first cryptocurrency trading firms in Singapore.

Analysts examining Bitcoin's performance in past years emphasized that BTC provided a median return of 9.6% in July. Stating that the price fell by 9.85% in June, analysts stated that Bitcoin showed a strong recovery trend in July after having a bad June.

Bullish signals are on

QCP analysts also wrote that the positions taken in the market on Friday expect an upward movement towards the end of the month. These investors may be awaiting approval of spot Ethereum ETFs in the US.

Spot Ethereum ETFs are expected to be approved on July 4, Reuters reported last week. SEC Chairman Gary Gensler said that the process was proceeding smoothly.

QCP commented, "There are many signs that July will be bullish."

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