• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin due ‘one of greatest bull markets’ as July gains circle 20%

Jon Hartney by Jon Hartney
July 31, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The future for Bitcoin price action may be much more bullish than the short-term charts, says Bloomberg Intelligence’s Mike McGlone.

Bitcoin (BTC) spoofed a breakout to fresh six-week highs into July 31 as a showdown for both the weekly and monthly close drew near.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Bart Simpson” greets traders into BTC monthly close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD canceling out all its gains from early in the weekend, dropping from $24,670 to $23,555 in hours.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

The resulting chart structure was all too familiar to long-term market participants, creating a “Bart Simpson” shape on hourly timeframes.

Liquidations nonetheless remained manageable, with the cross-crypto tally totaling $150 million in the 24 hours to the time of writing according to data from analytics resource Coinglass — less than on previous days.

Crypto liquidations chart. Source: Coinglass

For popular trader and analyst Rekt Capital, there was now reason to believe that the coming weekly candle close would confirm that Bitcoin had reestablished a key trendline as support after weeks of failure.

Looks like #BTC has successfully retested the 200-week MA as support$BTC #Crypto #Bitcoin pic.twitter.com/yg75xrxXQB

— Rekt Capital (@rektcapital) July 30, 2022

Looking forward, however, not everyone was convinced that the current market strength had much room left to continue.

In one of various Twitter posts over the weekend, Material Scientist, creator of on-chain analytics resource Material Indicators, eyed funding rates on derivatives platforms turning increasingly positive, indicating too strong consensus that prices could go up unchecked.

“Negative funding has almost completely reset, just like in late March. We might even see positive funding on some alts soon,” he wrote.

“I think there’s one final pop into the shaded area before the bear rally fizzles away.” 

Nonetheless, BTC/USD was still on track to deliver approximately 19% monthly gains for July, these starkly contrasting with any other month of the year so far.

According to data from Coinglass, July’s returns were even poised to be Bitcoin’s best since the 2021 all-time highs.

Bitcoin monthly returns chart (screenshot). Source: Coinglass

One of “greatest bull markets” could now await Bitcoin

Other perspectives paid little attention to the prospect of a fresh correction in the short term.

Related: Historically accurate Bitcoin metric exits buy zone in ‘unprecedented’ 2022 bear market

Eyeing potential performance in the second half of 2022, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, left little doubt as to how Bitcoin in particular would fare.

Hints that the Federal Reserve would address rate hikes on a “meeting by meeting basis,” as per Chair Jerome Powell this week, “may mark the pivot for #Bitcoin to resume its tendency to outperform most assets,” he argued on social media.

“July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover,” he added about the 200-week trendline.

“I see risk vs. reward tilted favorably for one of the greatest bull markets in history.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$23,386.000.18%
  • ethereumEthereum(ETH)$1,669.160.68%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$332.521.14%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • rippleXRP(XRP)$0.4109420.17%
  • Binance USDBinance USD(BUSD)$1.00-0.05%
  • cardanoCardano(ADA)$0.4018730.22%
  • dogecoinDogecoin(DOGE)$0.0958812.32%
  • matic-networkPolygon(MATIC)$1.241.41%
  • OKBOKB(OKB)$43.835.39%
  • SolanaSolana(SOL)$24.38-0.52%
  • Shiba InuShiba Inu(SHIB)$0.0000158.81%
  • Lido Staked EtherLido Staked Ether(STETH)$1,665.340.75%
  • polkadotPolkadot(DOT)$6.86-0.31%
  • litecoinLitecoin(LTC)$98.81-0.13%
  • AvalancheAvalanche(AVAX)$20.98-1.26%
  • tronTRON(TRX)$0.0648162.05%
  • UniswapUniswap(UNI)$7.281.70%
  • daiDai(DAI)$1.000.05%
  • cosmosCosmos Hub(ATOM)$14.65-1.29%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,398.000.14%
  • chainlinkChainlink(LINK)$7.220.16%
  • ToncoinToncoin(TON)$2.33-0.08%
  • ethereum-classicEthereum Classic(ETC)$23.771.92%
  • leo-tokenLEO Token(LEO)$3.491.19%
  • moneroMonero(XMR)$172.69-0.12%
  • AptosAptos(APT)$16.610.27%
  • bitcoin-cashBitcoin Cash(BCH)$137.740.47%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.093036-0.02%
  • ApeCoinApeCoin(APE)$5.89-0.92%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.532.97%
  • CronosCronos(CRO)$0.0836551.38%
  • filecoinFilecoin(FIL)$5.52-1.57%
  • QuantQuant(QNT)$142.86-0.95%
  • algorandAlgorand(ALGO)$0.268393-0.40%
  • HederaHedera(HBAR)$0.0732183.57%
  • Lido DAOLido DAO(LDO)$2.19-2.99%
  • vechainVeChain(VET)$0.0248650.49%
  • FantomFantom(FTM)$0.61-2.81%
  • Internet ComputerInternet Computer(ICP)$5.921.89%
  • decentralandDecentraland(MANA)$0.78-0.17%
  • The SandboxThe Sandbox(SAND)$0.771.66%
  • Axie InfinityAxie Infinity(AXS)$11.572.47%
  • AaveAave(AAVE)$88.72-1.19%
  • eosEOS(EOS)$1.110.47%
  • FlowFlow(FLOW)$1.170.80%
  • MultiversXMultiversX(EGLD)$46.802.23%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000193-1.27%
  • theta-tokenTheta Network(THETA)$1.132.45%
  • tezosTezos(XTZ)$1.182.78%
  • FraxFrax(FRAX)$1.00-0.41%
  • The GraphThe Graph(GRT)$0.11240413.42%
  • huobi-tokenHuobi(HT)$5.853.90%
  • true-usdTrueUSD(TUSD)$1.00-0.01%
  • paxos-standardPax Dollar(USDP)$1.000.02%
  • kucoin-sharesKuCoin(KCS)$8.810.89%
  • havvenSynthetix Network(SNX)$2.715.41%
  • bitcoin-cash-svBitcoin SV(BSV)$43.520.34%
  • Curve DAOCurve DAO(CRV)$1.09-1.50%
  • ChilizChiliz(CHZ)$0.145442-0.38%
  • PancakeSwapPancakeSwap(CAKE)$4.575.57%
  • Rocket PoolRocket Pool(RPL)$40.420.32%
  • Frax ShareFrax Share(FXS)$10.26-5.56%
  • eCasheCash(XEC)$0.0000390.38%
  • BitTorrentBitTorrent(BTT)$0.0000011.28%
  • USDDUSDD(USDD)$0.990.00%
  • ImmutableXImmutableX(IMX)$0.91-2.98%
  • Trust WalletTrust Wallet(TWT)$1.691.95%
  • iotaIOTA(MIOTA)$0.2483042.90%
  • Mina ProtocolMina Protocol(MINA)$0.83-2.03%
  • dashDash(DASH)$61.06-1.70%
  • BitDAOBitDAO(BIT)$0.580.25%
  • KlaytnKlaytn(KLAY)$0.2137621.59%
  • GateGate(GT)$4.500.12%
  • OptimismOptimism(OP)$2.99-0.25%
  • makerMaker(MKR)$710.721.21%
  • neoNEO(NEO)$8.80-0.54%
  • cUSDCcUSDC(CUSDC)$0.0227480.00%
  • ArweaveArweave(AR)$11.94-2.40%
  • zcashZcash(ZEC)$46.32-0.26%
  • GMXGMX(GMX)$69.85-6.13%
  • OKCOKC(OKT)$32.637.52%
  • RadixRadix(XRD)$0.057540-2.70%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.05%
  • cDAIcDAI(CDAI)$0.0221920.14%
  • THORChainTHORChain(RUNE)$1.86-1.01%
  • OsmosisOsmosis(OSMO)$1.05-4.54%
  • Tokenize XchangeTokenize Xchange(TKX)$6.810.82%
  • RenderRender(RNDR)$1.787.03%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.00000057.28%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • loopringLoopring(LRC)$0.401538-1.88%
  • PAX GoldPAX Gold(PAXG)$1,862.72-0.06%
  • enjincoinEnjin Coin(ENJ)$0.4883263.57%
  • Convex FinanceConvex Finance(CVX)$6.55-0.64%
  • zilliqaZilliqa(ZIL)$0.030126-1.17%
  • 1inch1inch(1INCH)$0.619.68%