Though June was not in favor of the crypto market, the month of July has pushed the market into a recovery phase. The world’s first cryptocurrency, Bitcoin price which is selling at $23,362 has seen a surge of 20% in the last thirty days.
However, what needs to be noted now is the future performance of Bitcoin price and the role August plays.
The analytic firm, Santiment data reveals that for the month of May & June, the firm’s NVT model bullish approach witnessed a price surge. However, now the indicator is signaling neutral with an increase in price while token’s circulation is seeing a decline. Hence, August could see a move in either direction.
Meanwhile, Mike McGlone who is a senior commodity strategist at Bloomberg claims that the month of July saw a sharp decline in Bitcoin’s 100-200 weekly moving average with an indication of recovery. Mike further says that the risk vs reward is indicating a massive bull run.
Next, the Glassnode report suggests that on exchanges, the Bitcoin balances are seeing a downfall. The BTC balance has now hit 12.6% of total circulating supply.
Crypto Market To Follow The US Equity Market
On the other hand, when the US equity market performance is looked at, it has performed well even during the rate hikes by the Federal Reserve. Hence, a few of the renowned market analysts are leaning towards a bullish stance, as the Crypto market is expected to follow the US equity market.
Ethereum, on the other hand, has grabbed its $1,500 range and is currently trading at $1,690 with a drop of 0.17% over the last 24hrs. In the last month the currency saw a decline of 60%.
The other altcoins that are trading on a positive trend are XRP, Polygon (MATIC), Solana (SOL) among others.