Bitcoin records its highest monthly close in history at $115,644 despite 2% dip
Quick Take Bitcoin ended July at $115,644, its highest monthly close in history. Bitcoin’s all-time high monthly close despite notable whale movements in July shows its resilience, one analyst told The Block.
Bitcoin ended July at a price of $115,644, recording its highest monthly close in its 16-year history. According to The Block's bitcoin price page , the world's largest cryptocurrency dropped 2.34% in the past 24 hours.
"Bitcoin closing out the month at an all-time high of [$115,644] is more than just a headline figure, it's a reflection of the market’s resilience and growing maturity," said Rachael Lucas, Crypto Analyst at BTC Markets.
The crypto analyst pointed out that bitcoin price held steady despite significant whale movements in July, including the 80,000 BTC move to Galaxy Digital and subsequent sale. The sale momentarily caused the cryptocurrency to drop 4%, but the market quickly absorbed the impact and led bitcoin to a rebound.
"That level of recovery shows there's now a solid foundation of buyers ready to step in, underscoring sustained confidence in bitcoin as an asset," Lucas said. "We're seeing Bitcoin hold its ground in the face of macro uncertainty and increased institutional involvement."
Meanwhile, bitcoin, currently in a 2% dip, may face further profit-taking as investors look to macroeconomic factors including Federal Reserve policy, Trump's future tariff plans and ETF flows, LVRG Research Director Nick Ruck told The Block.
Spot bitcoin ETFs have recently experienced outflows and reduced net inflows over the past week, a shift from the significant net inflows observed in early to mid-July.
Still, Ruck said he remains optimistic the current dip would likely be short-lived, anticipating a rebound this month.
"Looking beyond the daily moves, Bitcoin's long-term positioning remains strong: it's a scarce, decentralized asset with growing mainstream utility and increasing relevance in today's global financial environment," Lucas added.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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