Bitcoin has kicked off July with a robust performance, aligning with its historical trend of a 7.5% average gain for the month, according to QCP Capital's latest market report. The cryptocurrency rebounded from the $58,000 support level following weaker-than-expected U.S. non-farm payroll data, which showed an increase of only 57,000 jobs. This shortfall provided short-term market support, while implied volatility in the crypto market declined slightly. Market participants are showing significant interest in $70,000 call options expiring at the end of July, indicating a bullish outlook based on seasonal trends. However, QCP Capital warns of potential downside risks, drawing parallels to July 2022 when Bitcoin briefly reclaimed the 200-week moving average before declining. The demand for end-of-year $58,000 put options suggests that cautious sentiment persists. QCP notes that maintaining a position above $64,000 this week could further enhance market confidence.