July closed with Bitcoin up almost 17%, but now, analysts are turning to how long the bullish trend can last.
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 trendlinesIn 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.BTC/USD monthly returns chart (screenshot).
