Analysts at QCP Capital have shared bullish signals for Bitcoin, stating that the leading cryptocurrency is trending towards a strong recovery in July. This comes as spot Ethereum ETFs, which were approved by the SEC in May, are expected to begin trading on July 4.
Bitcoin started the week on a positive note, bouncing back after testing the $60,000 support level. The rise in BTC can be attributed to the inflows in spot BTC ETFs, with $73 million net inflow recorded last Friday, the highest daily inflow in the past two weeks.
The QCP analysts highlighted that Bitcoin’s performance in July has been generally positive, indicating a strong recovery trend. They also noted that investors are anticipating the launch of the ETH spot ETF, leading to an increase in interest and potential price surge in July.
The analysts mentioned that BTC has historically shown an average return of 9.6% in July and tends to bounce back strongly after a negative June. They also observed flows on their options desk positioning for an upside move towards the end of the month, possibly in anticipation of the ETH spot ETF launch.
At the time of writing, Bitcoin is trading at $62,826, reacting to the German government’s Bitcoin sale, while Ethereum is traded at $3,482.
Please note that this article does not provide investment advice.