CryptoQuant diagnosed, "Bitcoin tends to show strength in July even during bear markets. Despite the overall market trend being bearish in 2018 and 2022, Bitcoin rose by 20% and 17% respectively in July. This year, Bitcoin entered July having rebounded by about 11% from its cycle low of $57,700, and due to seasonal factors, the possibility of short-term additional upside appears high." It added, "Speculative demand in the Bitcoin futures market is showing a recovery to neutral levels. The rebound in the Coinbase Premium Index also suggests improved demand from U.S. investors."
