Bitcoin (CRYPTO: BTC) has broken above $65,000 and is testing its previous high near $67,260. However, one crypto analyst says it is too early to declare that the bear-market bottom is in.
Bitcoin’s Short-Term Structure Turns Constructive
In a podcast on July 22, analyst Jason Pizzino said the market’s structure began improving in late June and early July. That is when Bitcoin recovered despite widespread negativity surrounding crypto markets and treasury companies.
BTC established a yearly low near $57,000 around July 1 before forming a multi-day bullish signal that suggested the rebound could last longer than earlier countertrend rallies.
July has frequently produced gains after a negative June, matching Bitcoin’s current rebound. August, however, has historically been one of the cryptocurrency’s weakest months.
