Bitcoin (BTC) Pulls Back Sharply After Touching $70K, But Still Poised to Close July with Sizable Gains

The price of bitcoin still appears poised to close out July with sizable gains after plunging below $54,000 earlier in the month.

Bitcoin (BTC) price showed little changed on Monday morning U.S. hours after pulling back sharply from a key price level that was last seen early June.

Still, BTC price appeared set to close out July with sizable gains from earlier in the month, when the token briefly plunged below $54,000.

In what has become a familiar pattern of late, a rally in bitcoin to a key level was met with a wave of selling, with BTC price Monday morning U.S. hours quickly pulling back more than 3% after pushing above $70,000 for the first time since early June.

At press time, bitcoin was changing hands at $67,800, roughly flat over the past 24 hours. The broader CoinDesk 20 Index was higher by 1.1% over the same time frame, helped along by sizable gains for bitcoin cash (BCH), litecoin {LTC}} and solana (SOL).

Traders will be familiar with this price pattern in 2024, which first manifested itself in mid-January when bitcoin climbed to a multi-year high of $47,000 just after the spot ETFs opened for trade. That move higher was reversed within minutes and bitcoin days later had tumbled below $40,000 before the uptrend began anew.

Similar price action was seen in early March after bitcoin pushed to a what was then a new all-time high above $69,000 and just hours later found itself below $60,000. Later that month, a move to another record above $73,500 was snuffed out in quick fashion and more than four months later that level hasn't again been challenged.

While the above might be frustrating to leveraged traders and their profit and loss, technicians might note a pattern as each of those examples shows higher highs and higher lows – the sort of "up and to the right" chart that bulls like to see.

Indeed, earlier in July, bitcoin plunged below $54,000 as a German government entity began unloading its stash of 50,000 tokens seized as part of a criminal case. Yet just a couple of days before August hits, bitcoin is poised to close the month with a sizable gain from the $63,000 area in which it begun.

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