"Based on seasonal factors, Bitcoin has a median return of 9.6% in July and tends to rebound strongly, especially after a 9.85% drop in June, and many signs point to a bullish July," QCP Capital analysts said in a report on Monday. The report added that Bitcoin options were preparing for an upside move as they entered the end-June expiration delivery last Friday.
Coinbase analysts David Duong and David Han also noticed the same historical seasonal trend. "Positive seasonal factors and improved liquidity in July may support the market," analysts said in the Coinbase weekly report last Friday. According to Coinbase analysts, positive seasonal factors may be related to July, as historically, Bitcoin and Ethereum both seem to perform better in July than other months, especially after the sell-off in June. (The Block)