Bitcoin Closes June at Record $107,000, Analysts Predict 9% July Rally

Bitcoin concluded the month of June with a record high monthly close at $107,000, marking a significant milestone in its price trajectory. This achievement follows a series of strong performances, with May and January seeing monthly closures at approximately $104,600 and $102,450, respectively. The asset has shown remarkable resilience, recovering from an April dip to $75,000 and maintaining a consistent upward trend over the past three months.

The June close, despite forming a "spinning top" pattern—a formation characterized by a small body and long upper and lower wicks—indicates a potential reversal in the price trend. This pattern suggests that neither buyers nor sellers have gained control, which could signal a shift in market dynamics. Historically, similar patterns have been followed by declines, as seen in July 2024 when Bitcoin dropped to $59,000 after a red "hammer" candle.

Despite the potential for a reversal, analysts remain optimistic about Bitcoin's prospects for July. According to the analyst's forecast, there is a high probability of a 9% rally for Bitcoin in July. This optimism is based on historical data showing that July has consistently been a strong month for US equities, which Bitcoin tends to follow. In seven of the past 10 Julys, Bitcoin has posted positive returns, with an average gain of around 9%. Even in years with negative performance, the declines have been modest, staying within single digits.

The weekly candle close on Monday also provides insights into Bitcoin's near-term prospects. Analyst "Rekt Capital" noted that the weekly candle closed below the "final major weekly resistance" at $108,890, with the close at $108,380 on Coinbase. This suggests that a "possible early-stage lower high resistance" may be developing at current price levels. For Bitcoin to invalidate this lower high, it would need to reclaim the weekly resistance as support on the daily chart.

Bitcoin's price has dipped slightly over the past 24 hours, falling just below $107,000. However, the asset has remained tightly rangebound at this level for the past week, indicating a period of consolidation before the next potential move. The record monthly close and the analyst's forecast of a 9% rally in July set a favorable backdrop for Bitcoin's continued upward momentum.