Bitcoin Sinks Below $58,624 Support as Macro Risks Loom Over July Bounce

Bitcoin began July trading below a key support level after settling at $58,624 on Tuesday, June 30, its weakest daily close since September 2024.

This decline pushed the asset below near-term support and drove prices to a fresh local trough around $57,800, creating tension with the typically bullish seasonal pattern for July.

Historically, Bitcoin has delivered gains in July, with an average rebound of approximately 19% during previous Bottom Year Julys in 2018 and 2022.

The current market outlook is challenging, yet a potential July crypto bounce could be on the horizon, potentially undermining combined stablecoin dominance and sending it back toward the lower boundary of the daily Cloud near 11% or even below.