Bitcoin has just completed its most successful month to date, with its monthly close reaching a new historical high. Data from Cointelegraph Markets Pro and TradingView confirms that the leading cryptocurrency’s latest monthly candle for July closed at a substantial $115,800 on Coinbase. This landmark achievement, while temporarily affected by macroeconomic pressures, saw bulls secure their first-ever close above the $115,000 mark, solidifying the market’s positive momentum.
The close came despite a sudden price drop stemming from broader financial market volatility. Risk assets, including stocks, experienced a decline after US President Donald Trump announced new tariffs and trade deals, including a significant increase in tariffs on Canada from 25% to 35%. This news led to a downturn in US equities, with the S&P 500 extending a four-day slide. However, for the crypto market, while the Fear & Greed Index saw a 10-point drop, it remained in the “greed” zone, suggesting that investor sentiment remained optimistic.
Technical Analysis Signals Continued Uptrend
Despite the recent price drop, market analysts are confident that Bitcoin‘s upward trend is still firmly in place. Analyst Mags highlighted that the decline to $115,000 was a bullish retest of an inverse head-and-shoulders’ neckline. According to this analysis, this pattern on the weekly chart has a measured target of $172,000, which would represent a 50% increase from its current price. Mags concluded that it is “just a matter of time before Bitcoin price goes vertical.”
Echoing this bullish sentiment, another prominent crypto trader and analyst, Michaël van de Poppe, expressed a positive long-term outlook. He noted that recent market corrections are a good time for accumulation, positioning investors for the next market run. He suggested that August could be a period of stabilization before both Bitcoin and altcoins resume their upward trajectory later in the month.
August: A Historically Strong Month Post-Halving
Bitcoin’s performance in July was robust, with a gain of 8.13%, which is in line with historical patterns. While August is often seen as one of Bitcoin’s weaker months, historical data for post-halving years tells a different story. Previous post-halving Augusts have consistently delivered significant gains. For example, Bitcoin saw 30%, 65%, and 14% gains in August of 2013, 2017, and 2021, respectively.
Analyst Alpha Finder pointed out this trend, noting that in 2017 and 2021, Bitcoin “did massive returns in the month of August.” Another user, Crypto B, agreed, suggesting that if history repeats itself, the market should prepare for a strong performance. These historical precedents suggest that despite the usual seasonal trends, the dynamics of a post-halving year could drive Bitcoin to new highs in the coming weeks.
The Role of Macroeconomic Factors
While the crypto market often operates on its own set of technical and fundamental drivers, it is not immune to broader economic events. The recent drop was a clear example of how global political and economic news can trigger volatility. The imposition of new tariffs by the US on Canada caused a ripple effect across financial markets, with investors seeking safety and reducing exposure to risk assets.
However, many analysts view these macroeconomic-driven pullbacks as temporary and healthy corrections within a larger bullish trend. For Bitcoin, the ability to withstand such pressures and close the month at a record high is a powerful indicator of its underlying strength and resilience. The market’s quick recovery and the maintained “greed” sentiment show that confidence in Bitcoin’s long-term potential remains unshaken.
Anticipating the Next Major Move
With Bitcoin having filled the July CME gap “to the dollar,” and remaining within a key price range of $115,000 to $121,000, the stage appears set for a larger breakout. The confluence of a record-breaking monthly close, strong technical indicators, and favorable historical post-halving data points to the possibility of a significant move in August.
Whether it’s a period of stabilization as suggested by some analysts or a “vertical” climb as others predict, all signs indicate that the market is primed for action. Institutional and retail investors alike will be watching closely to see if Bitcoin can once again defy expectations and deliver a powerful performance in the month ahead.
Read More: What’s Next After Bitcoin’s Latest All-Time High?
