Bitcoin returned over $63,000 in early July, but the market was not completely out of shock. Multi-agency data indicate that tensions in the derivatives market have eased over the previous period and that spot-flashing is also decreasing, although there is still a clear disagreement among investors as to whether this round of rebound will last.

At the time of the submission, Bitcoin had reported approximately $63,190 and 24 hours had increased by about 0.6 per cent. The price had dropped by $64,000 and then stabilized.

Seasonal performance was strong in July

Encryption Trading Agency QCP indicates that July is usually a month with a strong performance of bitcoin, with an average historical increase of about 7.5 per cent. According to the Agency, the rebound at the beginning of the month was largely consistent with past seasonal trends.

QCP also mentioned that the relatively lightness of the deal during the Independence Day holidays in the United States helped to perpetuate the risk preferences that had previously been created. The previously published employment data for the United States were weaker than expected and also eased the pressure on risk assets to some extent.

The options market is still divided.

Derivatives data show that traders ' defensive postures are somewhat lower than in the previous period. Implied volatility continues to fall, with short-term lookdown options shrunk, and $70,000 due at the end of July to see an increase in options demand, indicating that part of the funds continues to go up in the bill price.

  • Implicit fluctuations continue to decline.
  • Short-term drop options narrow.
  • At the end of July, $70,000 to watch the increase in options is under consideration.

At the same time, however, QCP noted that there was a continuing need for $58,000 to fall options due during the year. This suggests that there is no uniform expectation in the market and that investors still fear that the current rebound will be only a phase-out.

There's a lot of pressure on the spot.

Glassnode, the chain data agency, indicated that the market structure of Bitcoin was showing signs of stability and that spot market pressure had been significantly reduced. This change supported the consolidation of prices around $63,000.

Short-line fluctuations, however, are not over. If the pressure of the sale increases, Bitcoin may fall again by $63,000 and look around $61,365; if the purchase continues, the price may rise again by $64,000 and test a line of $67,125.