Bitcoin rallied at the end of June, rising in price from close to $30,000 on the weekend to above $36,000 on Wednesday. It has since slipped below $34,000 on Thursday.
Other leading cryptocurrencies saw a similar bounce, with Ethereum (ether) and dogecoin breaking above the crucial markers of $2,000 and $0.25 respectively.
Beyond brief peaks above $40,000 and dips below $30,000, the cryptocurrency has spent the entire month trading within a $10k price range.
The relative stability has divided crypto analysts over whether the market is in a bull or bear phase, meaning July’s movements will be under close scrutiny.
Still down by around a half from its peak in mid May, bitcoin has entered a “buy phase” for only the fifth time in its history, according to one indicator. The Puell Multiple graph, which charts mining profitability, entered the green zone this week for the first time since March 2020.
