Leading crypto Bitcoin and leading altcoin Ethereum are heading towards their best monthly close since 2021. Analysts, on the other hand, indicate reversal signals to watch for BTC and ETH.
Bitcoin and Ethereum on track for their best monthly close
Expectations that the Fed’s hawkish tone will subside rose after US growth data pointed to a recession. This opened up the risk appetite in global markets. Also, the expectations surrounding the Ethereum Merge upgrade added a fresh air to the market. Amid all this, Bitcoin and Ethereum are heading towards their best month since 2021.
Bitcoin is up 22.68% so far in July, according to TradingView data. For benchmarking, it’s about to hit its highest monthly close since October 2021. The leading altcoin Ethereum, on the other hand, has had a very successful performance of 61.88% so far in July. ETH is also on track to make its highest monthly close since October 2021.
Some investors think the Federal Reserve may stop raising interest rates by the end of the year. He even believes that he may switch to lowering borrowing costs in 2023 as a result of growing indications of a slowdown in the US economy. This, too, could be good news for risk assets like cryptocurrencies, which are struggling this year. At press time, Bitcoin and Ethereum were trading at $23,937 and $1,706, respectively.
Analysts give indications for reversal
By the way cryptocoin.com As you follow, Cici Lu, CEO of Venn Link Partners, states that “the liquidation of leveraged positions appears to be over.” Based on this, she says the market may have found a bottom.
Likewise, BitBull Capital CEO Joe DiPasquale points out Bitcoin’s monthly close. DiPasquale is more interested in whether he retests the $19,000 and $20,000 support levels. “Successful bounces in this range can give the bulls a solid foundation for an ongoing rally,” he says.
Mark Newton, head of technical strategy at Fundstrat, states that “Ethereum looks technically more attractive than Bitcoin in the short term.” Newton predicts that Ethereum could rise to $1,915 to $2,000 in the coming days.
Honduras launches 'Bitcoin Valley' 🇭🇳
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
— Documenting Bitcoin 📄 (@DocumentingBTC) July 29, 2022
Meanwhile, 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 spread these techniques to other businesses and surrounding communities. In Santa Lucia, business owners, both large and small, are preparing to accept cryptocurrencies as payment to attract more tourists.
