Bitcoin (BTC) closed above $ 41,000 in a bullish engulfing candle in July that considerably reversed its earlier downtrend.

In one tweet On August 1, investor and entrepreneur Alistair Milne joined many celebrating the traditional return to BTC price motion.

Bitcoin refuses to drop in price

After seeing three consecutive month-to-month purple candles, BTC / USD held on to late positive aspects to hit a month-end that few had predicted.

Despite falling to $ 29,000, the bears have been unable to remain within the driving place as July closed as resistance subsided and sentiment improved.

Milne sums up: “The upward trend devours Bitcoin’s monthly chart.”

A bullish engulfing sample is a chart sample that types when a small purple candle is adopted by a big inexperienced candle, that’s, July, the physique of which fully covers or engulfs the physique of the earlier candle (June).

The upward motion – and its stamina – was so shocking that even seasoned drivers have been confused about what to do subsequent.

On-chain knowledge reveals that some long-term (LTH) holders truly promote when BTC / USD goes up, in keeping with analyst Lex Moskovski trust corresponds to the “don’t think” section of a traditional market cycle.

Moskovski highlighted the output-to-return ratio (LTH-SOPR) indicator of long-term owners, which hit a low in 2021 this weekend.

SOPR research the worth of cash which have been moved over a time period to get an concept of ​​the profitability of the cash offered. The Glassnode host said that the downtrend to a impartial worth of 1 signifies low profitability on the cash in query.

“Some long-term Bitcoin holders are selling themselves into this rally with minimal profit, as LTH-SOPR hit this year’s low two days in a row,” commented Moskovski.

“This is one of the reasons we’re still at 41,000. Unbelievable.”

“Like the hands of a clock”

Meanwhile, bulls continue to look for triggers that could take BTC / USD well above the USD 42,000 resistance, which has been tested twice in the past 24 hours.

Related: Bitcoin super cycle puts BTC price at the top in the fourth quarter as illiquid supply hits all-time high

Plus, as Cointelegraph noted, very little is on the way to $ 45,000 and $ 47,000.

No less enthusiastic about Saturday’s bull run was PlanB, the creator of the stock flow family of models, who described the Bitcoin deal in July as a “watch-like” rally.

#bitcoin The July closing price was $ 41,490 … it bounced off the lows just like the fingers of a clock pic.twitter.com/xZIlbaBBqI

– PlanB (@ 100 trillion USD) August 1, 2021

Shares for circulation, although Bitcoin currently priced at close to $ 100,000, still have value, with PlanB having a minimum closing requirement of $ 47,000 in August.