Bitcoin, Ethereum Headed Toward Best Monthly Close Since 2021; Analysts Indicate Reversal Signals To Watch
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The top cryptocurrencies, Bitcoin and Ethereum, are headed toward their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding the Ethereum "merge" upgrade.
Per TradingView data, Bitcoin is up 22.68% so far in July, setting up for its highest monthly close since October 2021. The second largest cryptocurrency, Ethereum, was up 61.88% so far in July, setting up for its highest monthly close since October 2021 as well.
Some investors believe that the Federal Reserve may stop raising rates by year's end and may even switch to lowering borrowing costs in 2023 as a result of growing indications of a slowdown in the U.S. economy. This might be good news for assets such as cryptocurrencies, which have struggled this year.
At the time of publication, Bitcoin and Ethereum were up nearly 3% at $24,191 and $1,712, respectively.
Analysts give indications for reversal
Cici Lu, CEO of Venn Link Partners, opined that the market may have found a bottom, stating that "liquidation of leveraged positions seems to be over," Bloomberg reported.
In the same vein, Joe DiPasquale, CEO of BitBull Capital, is more interested in Bitcoin's monthly close and whether it retests support levels between $19,000 and $20,000. "Successful bounces from that range could give bulls a solid foundation for a continued rally," he states.
In the coming days, Ethereum may surge toward $1,915 to $2,000, predicts Mark Newton, head of technical strategy at Fundstrat, who stated that "Ethereum looked more attractive technically than Bitcoin in the short run."
Honduras launches "Bitcoin Valley"
Honduras launches 'Bitcoin Valley' 🇭🇳
— Documenting Bitcoin 📄 (@DocumentingBTC) July 29, 2022
Over 60 businesses have adopted #bitcoin in the small town of Santa Lucia. They will get training in the new technology and how to market their products and services.https://t.co/O8nh543ehG
Honduras has launched "Bitcoin Valley" in the tourist destination of Santa Lucia, a small town in the mountains, 20 minutes from the capital Tegucigalpa.
The "Bitcoin Valley" project aims to train 60 businesses to use cryptocurrencies to sell their goods and services, and to spread these techniques to other businesses and surrounding communities.
In Santa Lucia, owners of both large and small businesses are adjusting to accept cryptocurrencies as payment to draw in more tourists.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin