Bitcoin Achieves Historic Monthly Close at $107,100
Bitcoin reached a significant milestone by closing June at a record monthly high of $107,100. This achievement occurred despite forming a spinning top candlestick pattern, which typically indicates market indecision. Analysts from 10X Research note this technical pattern suggests potential volatility but doesn’t overshadow Bitcoin‘s strong three-month performance.
Analysts Predict July Rally Based on Historical Data
Markus Thielen, Head of Research at 10X Research, highlights historical trends showing Bitcoin has posted positive returns in seven of the last ten Julys, with average gains around 9%. Even in negative years, declines remained modest, staying within single digits. This historical performance suggests a high probability of similar gains this July.
Market Resistance and Current Price Action
Analyst Rekt Capital observed Bitcoin’s weekly candle closed just below major resistance at $108,890. While this suggests potential challenges, Bitcoin has demonstrated resilience, maintaining a tight trading range near $107,000 despite a recent 2% dip. Traders are monitoring whether Bitcoin can overcome this resistance level in coming weeks.
Key Market Observations
- Record June close at $107,100 establishes new high
- Spinning top pattern indicates possible trend reversal
- Historical July performance shows 90% probability of gains
- Current price action shows stability near $107,000
- Market watching $108,890 resistance level closely
