Bitcoin is approaching one of its most important higher-timeframe tests this cycle.
For the first time, $BTC is testing the highest monthly close from the previous cycle top something we didn't see during the 2018 or 2022 bear markets. This level also served as a major base throughout 2024 before the rally toward 126K, making it a key area of historical support.
That's why I think July could be a decisive month.
If history repeats, BTC could briefly dip into the mid-$50Ks, reclaim this monthly level, and close July strong, similar to the relief rallies seen in previous bear markets.
But if Bitcoin loses this support and closes the month below it, the market structure would look much weaker and could open the door to a move toward the $50K region or lower.
For now, all eyes are on how BTC reacts around this monthly support.
#JDVanceDisclosesBTCHoldings
For the first time, $BTC is testing the highest monthly close from the previous cycle top something we didn't see during the 2018 or 2022 bear markets. This level also served as a major base throughout 2024 before the rally toward 126K, making it a key area of historical support.
That's why I think July could be a decisive month.
If history repeats, BTC could briefly dip into the mid-$50Ks, reclaim this monthly level, and close July strong, similar to the relief rallies seen in previous bear markets.
But if Bitcoin loses this support and closes the month below it, the market structure would look much weaker and could open the door to a move toward the $50K region or lower.
For now, all eyes are on how BTC reacts around this monthly support.
#JDVanceDisclosesBTCHoldings