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Bitcoin hits a new high of $24,666 on Coinbase, leaving the benchmark cryptocurrency atop its best monthly performance since October 2021.
Bitcoin (BTC) surged to $24,666 on US crypto exchange Coinbase on Saturday, its highest level since mid-June.
BTC/USD will try to establish new support later. retest The 200-week moving average zone could be the key for the bulls to hold higher levels.
A chart showing the monthly performance of BTC/USD. sauce: TradingView
The flagship cryptocurrency, which has remained hovering at $24,500 despite a temporary lull late Saturday, is also set to post its best monthly performance in nine months.
BTC/USD, which rose more than 23% in July, is positioned for its highest monthly return since October 2021, when it rose nearly 40%.
Bitcoin is also posting positive monthly returns for the first time since March, when it posted a 30-day performance of around 5.4%. Over the three months of April, May and June, Bitcoin’s price fell by almost 68%, making July a very good month for the bulls.
On-chain exchange macro spills continue as Hodler dug in the middle of crypto winter. According to Glassnode, the exchange balance has dropped to about 12.6% of the circulating supply, equivalent to 2.4 million BTC.
#bitcoin Exchange balances continued their macro-decline, reaching 12.6% of circulating supply (2.4M $BTC).
FX balances have seen macro outflows of over 4.6% of circulating supply since the March 2020 ATH.
Live chart: https://t.co/zJnfaG05zt pic.twitter.com/vhKCudqGUr
Glassnode (@glassnode) July 29, 2022
Bitcoin’s latest gain follows the broad market reaction to last Wednesday’s US Federal Reserve rate hike, with the S&P 500 ending the week more than 4% higher and the Nasdaq up +4.7%. It reflects the rise of the entire index.
In one month, the S&P 500 is up over 9% and the Nasdaq is up over 12%.
