On July 29, the price of Bitcoin (BTC) fell 3% after breaking above $70,000 for the first time since early June, Coin Desk reported.
On July 29, the price of Bitcoin (BTC) fell 3% after breaking above $70,000 for the first time since early June, Coin Desk reported.
Traders are already familiar with this price pattern in 2024, which first became apparent in mid-January when Bitcoin climbed to a multi-year high of $47,000 just after spot ETFs opened for trading. That move up was reversed within minutes, and days later, Bitcoin fell below $40,000 before the uptrend resumed.
Similar price action was seen in early March after Bitcoin hit a new all-time high above $69,000, only to find itself below $60,000 just a few hours later. Later that month, the move to another record high above $73,500 was extinguished, and in early July the price of the largest cryptocurrency fell below $60,000.
While the result may be disappointing for leveraged traders, analysts can spot a pattern as each of these examples shows higher highs and deeper lows.
Indeed, earlier in July, Bitcoin fell below USD 54,000 as a German government entity began offloading its stash of 50,000 tokens seized as part of a criminal case. Yet just days before the start of August, Bitcoin is poised to end the month with a significant gain from the $63,000 zone where it started. | BGNES
