Bitcoin and the cryptocurrency market bounced again strongly final month in July after a extreme correction throughout the second quarter. Buying and selling at the moment at $23,300 ranges, Bitcoin registered shut to twenty% positive factors final month.
Nevertheless, the larger query right here is the place is Bitcoin heading up from right here onwards. On-chain knowledge supplier Santiment studies:
Bitcoin jumped +18% in July after @santimentfeed‘s NVT mannequin’s rising #bullish divergence in Could & June lastly noticed a value bounce come to fruition. With a impartial sign now as costs have risen and token circulation has declined barely, August can transfer both route.
Alternatively, Bloomberg’s senior commodity strategist Mike McGlone stated that the risk-reward has significantly tilted in favor of Bitcoin. He wrote: “July marked the steepest low cost in Bitcoin historical past to its 100-and 200-week shifting averages, with implications for it to recuperate. I see danger vs. reward tilted favorably for one of many biggest bull markets in historical past”.
Alternatively, knowledge from Glassnode additionally reveals that the Bitcoin steadiness on the exchanges has been on a steady decline. The BTC steadiness on the exchanges has now reached 12.6% of the full circulating provide.
Fairness vs Crypto Markets
Regardless of the Fed charge 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.
Nasdaq 100 placing in a bullish engulfing candle!
This might bode nicely for equities, and when equities do nicely so does #crypto! pic.twitter.com/4aSvGuDWob
— Lark Davis (@TheCryptoLark) August 1, 2022
In fact, because the fairness market takes off, crypto will observe them on comparable traces. The world’s second-largest crypto Ethereum (ETH) rallied greater than 60% final month from its backside. The current value rally in ETH has as soon as once more sparked the talk of Ethereum flippening Bitcoin. As of press time, ETH is buying and selling near $1,700 ranges.
Different altcoins like XRP, Polygon (MATIC), Solana (SOL), Avalanche (AVAX) have gained an upward momentum final month. If the broader market helps, the momentum can proceed this month as nicely.
The offered content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
