The post Bitcoin Price $61K Struggle: Will July Bring a Rebound? appeared first on Coinpedia Fintech News

The increased crypto pessimism in the past few weeks has put Bitcoin (BTC) price in limbo. The flagship coin has continued to hover around $61k as crypto investors anticipate a possible price rebound in July. Moreover, Bitcoin price is likely to close in June in a red candlestick amid heightened selling pressure. 

Is the Midterm Heightened Selling Pressure Over?

The German and the United States governments have added the bearish pressure triggered by the upcoming Mt.Gox repayment program. However, the small cash inflows to spot Bitcoin ETFs in the United States over the last two days have quelled the recent bearish pressures.

Meanwhile, the anticipated listing of spot Ether ETFs earlier next month could impact the Bitcoin bulls negatively. The accelerated crypto cash rotation from Bitcoin to the altcoin industry has increased the chance of BTC dominance reversal ahead. 

Analysts’ Take on Bitcoin Price Action

#Bitcoin range low must hold else $50,000 ?BTC is testing the range low for the 5th time since March. Price has been ranging for the past few months in a tight range, and a massive breakout is imminent.Currently, the price is at a critical support zone that must hold. We have… pic.twitter.com/SUcEIBFhLM

— Mags (@thescalpingpro) June 27, 2024

According to a popular crypto trader and analyst alias Mags on X platform, Bitcoin price is currently hovering around a crucial support level that must hold to avoid further crypto capitulation. The crypto analyst highlighted that the critical support level around $60k must hold to avoid a sudden nosedive towards the range between $50k and $52k.

With Bitcoin price on the weekly time frame having rebounded off the $60k level severally in the past four months, the crypto analyst is confident of a market reversal towards a new all-time high soon.

This would likely be the case for #Bitcoin.Preferably we sweep the $60K area where a bullish divergence kicks in.Reversal coming from next week with the impending Ethereum ETF listing. pic.twitter.com/f3RlCzW2gv

— Michaël van de Poppe (@CryptoMichNL) June 27, 2024

A similar opinion was shared by crypto analyst Michaël van de Poppe, who added that the upcoming listing of spot Ether ETFs in the United States will add fuel to the next crypto-bullish outlook