Bitcoin (BTC) starts a new week and a new month on a cautiously positive footing after protecting crucial levels.
After an intense July in which macro factors provided significant volatility, BTC price action managed to provide both a weekly and monthly candle favoring the bulls.
The road to some form of recovery continues, and at some points in recent weeks, it seemed like Bitcoin would suffer even harder on the back of June’s 40% losses.
Now, however, there is already a sense of optimism among analysts, but one thing remains clear — this “bear market rally” does not mean the end of the tunnel yet.
As Summer 2022 enters its final month, Cointelegraph takes a look at the potential market triggers at play for Bitcoin as it lingers near its highest levels since mid-June.
Spot price snatches back bear market trendlines
In terms of Bitcoin’s July performance, things could have been a lot worse.
After June saw losses of nearly 40%, BTC/USD managed to close out last month with respectable 16.8% gains, according to data from analytics resource Coinglass.
While those gains at one point passed 20%, July’s tally nonetheless remains Bitcoin’s best since October 2021 — before the latest all-time highs of $69,000 hit.
With solid foundations in place, the question among analysts is now if and how long the party can continue.
Fun day!
At the D, W, M close, BTC closed D red. W & M closed green and Trend Precognition fired a new Long on the M. It’s tentative until the candle closes, but the fact that it closed above the 50 Month MA makes it interesting to. Time to chill. Back to charts in the morning. pic.twitter.com/ImWjNcXx91
— Material Indicators (@MI_Algos) August 1, 2022
“First monthly close in green since March,” popular trader and analyst Josh Rager responded.
“After monthly closed above 2017 all-time high from last cycle, price is slowly climbing up. Looks good so far and even if this is a ‘bear market,’ I’m happy to buy dips right now.”
Others were more cautious, among them fellow trader and analyst Crypto Tony, who noted that the recent local highs just above $24,000 were still acting as unchallenged resistance on the day.
“I am looking for a breakdown of this Bitcoin pattern and remain short while we are below the $24,000 supply zone we rejected off,” he confirmed to Twitter followers.
Nonetheless, the weekly and monthly close sealed some important levels as support for Bitcoin….
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