Bitcoin Price Forecast: Can BTC Reach $70k in July 2024?

Bitcoin’s price made a positive start to the week, soaring 5% within the daily timeframe to reach the $63,700 mark on July 1. Rising accumulation among bullish traders could propel $BTC further upwards in the days ahead.

Bitcoin price kicks off July with 5% Surge

The global crypto market was subject to intense volatility in June 2024. While buyers remained active, several bearish events, including the US Fed deciding against an H1 2024 interest rates cut and delays surrounding the Ethereum ETFs launch, have prevented the market from maintaining an upward momentum during the month.

Bitcoin closed the June 2024 with loses in excess of 16% as it fell from $67,800 on June 1, to crash towards $60,600 on June 30. But since the start of July, $BTC has flashed promising signals of a prolonged bullish phase.

Bitcoin price action | BTCUSD July 2024 | TradingView

The chart above shows how the $BTC price closed in June 2024 with a 12.15% negative growth performance. But over the last 48 hours, Bitcoin bulls have swung into action, flipping the tide, and shot for a strong start to July.

Since June 30, Bitcoin price has now climbed 5% to reach the $62,800 level at the time of writing on Tuesday, June 2. With 3 consecutive green candles, Bitcoin pulls now appear to have seized control of $BTC short-term market momentum.

However, looking beyond the price action, on-chain data suggest that the ongoing Bitcoin resurgence is being supported by persistent bullish activity among institutional investors.

Bitcoin Price Forecast: $BTC Could Retest $70,000 in July

Since June 30, Bitcoin’s price has experienced a 5% increase, reaching approximately $62,800 by Tuesday, July 2. This recent upward momentum is captured in the Fibonacci retracement chart, which provides critical insights into potential future price movements. The Fibonacci levels indicate key resistance and support zones that traders should watch closely.

The immediate resistance for Bitcoin is identified between the $64,000 and $65,000 range, as highlighted by the Fibonacci extension levels. This area represents a significant hurdle that Bitcoin needs to overcome to continue its upward trajectory.

A successful breach above this level could set the stage for a retest of the next major resistance zone, around $68,000 to $70,000. This upper resistance is not only a key Fibonacci level but also a psychological barrier, marking a potential target for bullish investors in July.

Bitcoin Price Forecast | BTCUSD

On the support side, Bitcoin finds strong backing near the $60,000 level. This support level has historically acted as a crucial pivot point, preventing deeper declines during bearish phases.

The Fibonacci chart reinforces the significance of this support, indicating that if Bitcoin were to face selling pressure, the $60,000 level would likely serve as a critical floor. Further down, additional support is found around the $58,000 mark, providing another layer of defense against potential downturns.

Given the current market dynamics and the support from institutional investors, Bitcoin appears well-positioned to maintain its bullish momentum. If the price can break through the $64,000 to $65,000 resistance, it stands a strong chance of retesting the $70,000 level in July.