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 present 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 experiences:
Bitcoin jumped +18% in July after @santimentfeed‘s NVT model’s rising #bullish divergence in May & 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 course.
On the opposite hand, 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 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 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.
Equity vs Crypto Markets
Despite 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 pattern upwards from right here onwards.
Nasdaq 100 placing in a bullish engulfing candle!
This might bode effectively for equities, and when equities do effectively so does #crypto! pic.twitter.com/4aSvGuDWob
— Lark Davis (@TheCryptoLark) August 1, 2022
Of course, because the fairness market takes off, crypto will comply with them on comparable traces. The world’s second-largest crypto Ethereum (ETH) rallied greater than 60% final month from its backside. The current worth 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.
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 effectively.
The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability for your private monetary loss.
