Bitcoin’s $62.5K Target Signals Bullish Breakout: TON, AVAX, KAS, XMR Poised for Gains

• Bitcoin (BTC) looks poised for a price rebound in July despite coming under immense selling pressure and regulatory concerns.
• July is historically a bullish month for BTC, which is looking to retest its all-time high and end the year above $100,000.

Bitcoin (BTC) has come under intense bearish pressure in recent weeks but continues to trade above key support positions. Sentiments around BTC have been mixed, with neither the bears nor the bulls taking charge of the market.

Bitcoin’s weakness has affected many altcoins, with investors remaining cautious of the high-risk assets. Some of the most promising coins on offer include TON, AVAX, KAS, and XMR.

In past years, when June closed down, the following month historically experienced a significant rise, with Bitcoin averaging a 7.42% gain.

Since it failed to break the $70,000 resistance position, the asset has been trading within a tight range between $60,000 and $70,000. Demand for Bitcoin has been marched to demand, with as many as those looking to buy marching that selling.

At the time of writing, BTC is changing hands for $63,121 after a 3% surge in the past 24 hours. This makes a 4% price surge on the weekly.

Bitcoin has faced immense pressure due to the recent halving, which has slashed miner rewards “profits,” making their business less profitable. This has led to large sales from miners looking to keep up with the high mining costs. Germany and the U.S. governments have also played a part after dumping billions of dollars worth of BTC into the market. Additionally, Mt. Gox creditors have begun repaying customers of the infamous exchange that was hacked in 2014. This has further escalated the situation with most holders in profit, who are a decade late in receiving their holdings.

After months of large investors consolidating based on the discount prices, a breakout seems imminent. Historically, July has been a bullish month for the world’s largest cryptocurrency. This is further supported by the recent Bitcoin halving, which has historically ushered in a new all-time high in the preceding months.

Bitcoin (BTC) Eyes All-Time High in July

Based on its on-chain analysis, this pattern seems likely to repeat in the new month. If so, the cryptocurrency will face resistance at the $65,000, $70,000, and $74,000 positions. Historically, it has already shown that it can quickly break these positions when investor interest peaks through FoMo.

Investors are eyeing the all-time high of $74,000 reached in March in July. Further down the road, bulls are optimistic about reaching over $100,000 by the end of the year. For this to be achieved, adoption and institutional adoption must keep rising. In recent weeks, there have been calls for Elon Musk to introduce Bitcoin payments for Tesla payments and to add the asset to his company’s reserves.

Toncoin, Avalanche, Kaspa, Monero Price Analysis

Toncoin (TON): Struggling above $7.67, but bulls hold key support at $7.43. The price could rise to $8.29 or fall to $6.60.

Avalanche (AVAX): Buyers trying to break above $29 resistance. If successful, it could reach $32.78. A break below $29 could see a drop to $23.51.

Kspa (KAS): The price recently broke above the resistance of $0.19. With the bulls in control, the price could rise to $0.28. A fall below $0.19 could indicate a bull trap.

Monero (XMR): Bouncing off $165 support. If it breaks above $172, it could rise to $190. Falling below $165 could sink it to $155.