Bitcoin’s trend change decision awaits at $65,000 where short-term traders breakeven and leveraged shorts risk a major washout.
Bitcoin (BTC) price seeks to recover from its June losses, but onchain data suggests that BTC may run into resistance around the $65,000 level.
Data from Cointelegraph Markets Pro and TradingView showed BTC trading at $62,288, down 0.5% over the last 24 hours and 8.6% over the last 30 days. This follows an extended downtrend in June that reversed all the gains made in May.
According to Coinglass data, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.60% in July.