Bitcoin and the cryptocurrency market bounced again strongly final month in July after a extreme correction in the course of the second quarter. Trading at the moment at $23,300 ranges, Bitcoin registered shut to twenty% positive factors final month.
However, the larger query right here is the place is Bitcoin heading up from right here onwards. On-chain information supplier Santiment studies:
Bitcoin jumped +18% in July after @santimentfeed‘s NVT model’s rising #bullish divergence in May & 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 path.
On the opposite hand, Bloomberg’s senior commodity strategist Mike McGlone mentioned that the risk-reward has significantly tilted in favor of Bitcoin. He wrote: “July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover. I see risk vs. reward tilted favorably for one of the greatest bull markets in history”.
On the opposite hand, information from Glassnode additionally exhibits that the Bitcoin stability on the exchanges has been on a steady decline. The BTC stability on the exchanges has now reached 12.6% of the entire circulating provide.
Equity vs Crypto Markets
Despite the Fed fee 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 may bode properly for equities, and when equities do properly so does #crypto! pic.twitter.com/4aSvGuDWob
— Lark Davis (@TheCryptoLark) August 1, 2022
Of course, 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% final month from its backside. The latest value rally in ETH has as soon as once more sparked the controversy of Ethereum flippening Bitcoin. As of press time, ETH is buying and selling near $1,700 ranges.
Other 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 properly.
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 accountability for your private monetary loss.
