Submit Blog Home » Cryptocurrency News » Cryptocurrency News » Bitcoin on Track for Highest July Price Gain in 8 Years Bitcoin on Track for Highest July Price Gain in 8 Years July 31, 2020
Jul 31, 2020 at 11:43 UTC Updated Jul 31, 2020 at 11:59 UTC
Bitcoin price chart for July (CoinDesk BPI)
Bitcoin looks set to register its best July price performance for eight years and confirm a major bullish breakout in the process.Bitcoin is trading near $11,190 at press time – and is up nearly 22% this month, according to data from CoinDesk’s Bitcoin Price index.The cryptocurrency now needs to hold above $11,145 till Friday’s close (in UTC time) to confirm the biggest July gain (at 22%) since 2012, when prices rallied by 40%.If bitcoin closes below $11,050, the resulting monthly gain would be less than the 21% rise seen in July 2018.
July’s double-digit monthly gain marks an end of a two-month-long price consolidation in the range of $9,000–$10,000.The cryptocurrency sprang into action amid the U.S.dollar’s broad-based sell-off on the foreign exchange market and gold’s rally to record highs above $1,950 per ounce.“Bitcoin stands out this year against a backdrop of massive stimulus measures from central banks and a failing financial system,” Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, told CoinDesk.
A resurgence of institutional participation and bearish sentiment around the dollar may power stronger gains over the coming months.The bullish trend looks strong with the cryptocurrency showing few signs of stress, despite increased miner sales observed earlier this week.
Poolin, the biggest mining pool globally, transferred 435 bitcoin to exchanges on Wednesday – the biggest single-day outflow since May 3, according to Glassnode.Technical charts also paint a bullish picture.Bitcoin monthly chart The monthly chart shows an upside break of a 2.5-year-long descending triangle.The breakout has exposed resistance located at $13,880 (June 2019 high).
“Bitcoin’s break above $10,500 marks a significant change in the direction of the market,” popular analyst Lark Davis tweeted on Wednesday.That possibility of a minor drop can’t be ruled out, as bitcoin is looking overbought on the relative strength index.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.Share this: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks Mar 23, 2020 at 11:41 UTCBearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US StocksBoth bitcoin and the U.S.
stock markets are staring at a “death cross” – a widely tracked, bearish chart indicator – having suffered sharp losses over the last five weeks.For bitcoin, the pattern is arising as the 50-day… Digital Asset Names New CEO to Succeed Blythe Masters news Enterprise blockchain startup Digital Asset (DA) has named co-founder Yuval Rooz as the company’s new chief executive officer.
Rooz, who has served as both COO and CFO at the firm, takes over from acting CEO AG Gangadhar, who stepped in when its iconic leader Blythe Masters left last December.Digital Asset’s board of directors… Investor Fortress Will Buy Mt Gox Creditor Claims for $900 Per Bitcoin news Creditors of Mt Gox waiting to get their bitcoin back from the long-defunct exchange can now get pennies on the dollar by selling their claims to Fortress Investment Group.In a letter sent to creditors, Michael Hourigan, a managing director at the New York-based private equity firm, said he is purchasing these claims for… Using Bitcoin in Zimbabwe, Part 3 of a Six-Part Documentary Podcast Series After three weeks of listening, recording and talking bitcoin (BTC) in Africa, podcaster Anita Posch is back in part 3 of her six-part documentary podcast series.Presented in audio and full written transcript below.
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.In the first and second part… Handshake Domains Bring in $10M as Race for Censorship-Resistant Websites Heats Up May 28, 2020 at 12:00 UTCMen shaking hands, by José Guadalupe Posada ca.1880–1910.(Credit: Metropolitan Museum of Art)Handshake Domains Bring in $10M as Race for Censorship-Resistant Websites Heats UpThe coronavirus crisis may have given one censorship-resistance project a small boost.There are several startups trying to decentralize the internet’s domain-name infrastructure, including Ethereum Name… Facebook Libra Brings ‘Risks and Opportunities’: Swiss Watchdog Chief news The head of the Swiss financial markets watchdog has spoken out on the perceived pressure for the nation arising from Facebook’s Libra cryptocurrency project being based in Geneva, as well as the potential opportunities cryptocurrency tech brings.
In an interview with the Neue Zuercher Zeitung newspaper, Mark Branson, director of the Financial Market Authority (FINMA), said… Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust Jun 11, 2020 at 14:54 UTCUpdated Jun 11, 2020 at 15:02 UTCThree Arrows Capital’s GBTC stake is worth about $192 million as of press time.(Credit: Shutterstock/RikoBest)Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin TrustThree Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in… New Enterprise Ethereum Director Widens Tent to Include Exchanges and DeFi Jul 8, 2020 at 13:00 UTCUpdated Jul 8, 2020 at 13:03 UTCNew Enterprise Ethereum Director Widens Tent to Include Exchanges and DeFiEnterprise Ethereum Alliance (EEA), the business end of the second-largest blockchain, has appointed a new executive director, Daniel C.Burnett.Burnett, who previously worked as a standards architect within Ethereum-focused ConsenSys, wants to widen… Leave a Reply You must be logged in to post a comment.