According to 10X Research, Bitcoin may see a 9% increase in July as it ended June with a highest monthly close candle just above $107,000.
The previous highest monthly close for Bitcoin was in May, with a monthly close price of about $104,600, followed by January, when the monthly close price was around $102,450.
The past three months have also seen consecutive green candles, with the asset starting to recover after dropping to $75,000 in April.
All three record six-figure monthly candle peaks occurred in 2025, with the closest being in November 2024, when the close price was around $96,500, recording an increase of over $26,000 during the period following the U.S. presidential election victory of Trump.
Despite the June candle forming a "spinning top" pattern with a small body and long upper and lower shadows, it still set a record closing price.
This pattern indicates that neither buyers nor sellers have gained control, often signaling a potential reversal in price trends.
The last similar green spinning top monthly candle appeared nearly a year ago in July 2024, followed by a red "hammer" candle, leading to an 8.6% drop the following month, with BTC falling to $59,000.
Nevertheless, Markus Thielen, head of research at 10X Research, told Cointelegraph that historical analysis suggests a high probability for Bitcoin to achieve a 9% increase in July.
He noted that in the past 10 Julys, Bitcoin recorded positive returns in 7 of them, with an average increase of about 9%, adding that even in the few years with negative performance, the declines were "moderate," remaining in single digits.
Analyst "Rekt Capital" observed the weekly candle close on Monday, noting it closed below the "final major weekly resistance level" of $108,890. According to TradingView, the weekly candle closed at $108,380 on Coinbase.
They added that a "possible early stage lower high resistance" may be forming at the current price level.
Analysts stated that Bitcoin needs to reclaim the weekly resistance level as support on the daily chart to invalidate this lower high.
Bitcoin's price has dropped 2% in the past 24 hours, falling to just below $107,000 at the time of writing. However, the asset has been oscillating closely around this level over the past week.
Related: Analysts raise the probability of ETF approvals for Solana (SOL), Ripple (XRP), and Litecoin (LTC) to 95%
Original article: “Bitcoin (BTC) monthly close hits record $107,000, analysts predict 9% increase”
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