Bitcoin analysts are bullish on July, as the market appears to be quickly absorbing selling, paving the way for a bullish run . This optimism is supported by several factors, including historical trends and Bitcoin's increasing correlation with the S&P 500 . According to analysis, July tends to be a strong month for Bitcoin, with historical data showing positive seasonal trends . Furthermore, Bitcoin's correlation with the S&P 500, which recently reached an all-time high, bolsters optimism, suggesting that increased risk appetite across markets may benefit Bitcoin . CryptoQuant analyst Yonsei Dent noted that the consistent appearance of older coin movement is a positive signal in a bull cycle, suggesting a transition of market leadership from older holders to newer ones . This transition suggests strength, not weakness, as the market absorbs selling pressure due to steady demand . While Bitcoin started July on a slightly lackluster note, traders remain optimistic, believing this initial price action is temporary . Key support and resistance levels have been identified, with a band of bid support in place starting at $106,200 . Matt Mena, crypto research strategist at 21Shares, stated that a clean break above $110,000 could trigger a fast move to $120,000—putting our $138,500 summer target within reach . With policy, macro, and flows aligning, bitcoin may be setting up for a bullish end to the year—where a push toward $200,000 is no longer just a long shot, but a growing probability . Overall, the consensus among traders is that Bitcoin is on the edge of breaking out and is likely to match the S&P 500 for new all-time highs in July .
