A Quiet July so Far for Bitcoin After a Rowdy Start to 2023

We’re nearing half of July, and Bitcoin is trading unusually flat. More than 70% of all Bitcoin addresses are in profit, showing that it’s a quiet July after a rough and rowdy start of 2023. As we’ve mentioned last week, it’s holding ground in the $30K range, and that hasn’t changed so far. That new liftoff everyone expects is yet to come, and the CoinDesk Bitcoin Trend indicator signals a significant uptrend.

The flat trading trend indicates that investors are reluctant to chase the price increase past month. At that point, there was a 21% rise in Bitcoin’s price. Everyone’s staying put for the moment and keeping their coins, which is great for the summer as it may indicate a further positive shift in the following months.

Strong Performance in June

After a couple of bad years and a rough start to 2023, Bitcoin is showing more than just signs of life. It has been performing great recently. July keeps it strong so far with trading flat, and it comes off a particularly strong June. Overall for the year, Bitcoin is up 84%. That’s a big price increase considering what it suffered in the past few years, with many seeing crypto dead. But, month-to-month data shows that most of the gains occurred in the winter, especially in January and March.

Either way, it’s been performing as strong as possible. The 0.41% daily average gain in June was driven mainly by BlackRock’s spot ETF announcement. February and April were flat just like July so far, and the only negative month for Bitcoin’s price was May.

It’s not that big of a surprise that Bitcoin has been performing great in July. That’s been the case in previous years. Since 2014, there’s been a 0.39% price rise in July for Bitcoin, which is the third-highest performance of all months. If we measure from 2020, July is the second-best month for Bitcoin’s price, with only October before it. We’re still far off October, though, and with the gains so far and the calm before the storm this summer, there might be a big surprise waiting in autumn.

More Than 70% of all Bitcoin Addresses Are in Profit

According to on-chain data from Glassnode, more than 70% of Bitcoin addresses are currently in profit. This is a point for the bulls. We’ve known for some time now that bulls dominate the market, but short of a bull run, this is a great indicator that we’re moving in the right direction. This means that the investor base is also likely to hold its position following the sharp run-up in 2023.

It remains to be seen how today’s CPI release affects the price of the crypto market. For now, everything’s in the green. The quiet July for Bitcoin continues, and many see it as a signal that says calm before the storm. We certainly hope it’s so, and with autumn and October approaching, it’ll be interesting to see where Bitcoin stands before another good run.

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