Bitcoin and the cryptocurrency market bounced again strongly final month of July after an extreme correction through the second quarter. Buying and selling at the moment at $23,300 ranges, Bitcoin registered shut to twenty% features a final month.
July marked the steepest low cost in Bitcoin's historical past its 100-and 200-week transferring averages, with implications for it to get well. I see threat vs. reward tilted favorably for one of many best bull markets in the historical past.
Nonetheless, the larger query right here is the place is Bitcoin heading up from right here onwards. On-chain information supplier Sentiment studies:
BITCOIN JUMPED +18% IN JULY AFTER @SANTIMENTFEED‘S NVT MANNEQUIN’S RISING #BULLISH DIVERGENCE IN COULD & JUNE LASTLY NOTICED A WORTH BOUNCE COME TO FRUITION. WITH A IMPARTIAL SIGN NOW AS COSTS HAVE RISEN AND TOKEN CIRCULATION HAS DECLINED BARELY, AUGUST CAN TRANSFER BOTH COURSES.
Fairness vs Crypto Markets
Regardless of the Fed price hike, the U.S. fairness market carried out strongly in July. Some market analysts are bullish that the market will proceed to development upwards from right here onwards.
Because the fairness market takes off, crypto will observe them on related strains. The world’s second-largest crypto Ethereum (ETH) rallied greater than 60% a final month from its backside. The current worth rally in ETH has as soon as once more sparked the controversy of Ethereum flipping Bitcoin. As of press time, ETH is buying and selling near $1,700 ranges.
Different altcoins like XRP, Polygon (MATIC), Solana (SOL), and Avalanche (AVAX) have gained an upward momentum final month. If the broader market helps, the momentum can proceed this month as effectively.
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