Bitcoin touched a high of $24,666 on Coinbase to leave the benchmark cryptocurrency on the cusp of its best monthly performance since October 2021.
Bitcoin (BTC) rose to highs of $24,666 on US crypto exchange Coinbase on Saturday, hitting its highest price level since mid-June.
BTC/USD is looking to establish fresh support after retesting the 200-week moving average zone, which could be key to bulls plans to edge higher.
Chart showing BTC/USD monthly performance. Source: TradingView
Bitcoin on track for best month since October
The flagship cryptocurrency, which remains above the $24,500 level despite a brief lull late Saturday, is also on track to record its best monthly performance in nine months.
With gains of over 23% in July, BTC/USD is positioned to see its monthly returns the best since seeing nearly 40% in October 2021.
Bitcoin is also registering a positive monthly return for the first time since March when the 30-day performance stood at around 5.4%. Over the three months of April, May and June, Bitcoin price fell by almost 68%, which leaves July as a very good month for bulls.
On-chain, exchange macro outflows have continued as hodlers dug in amid the crypto winter. According to Glassnode, exchange balances have fallen to just about 12.6% of circulating supply, representing 2.4 million BTC.
#Bitcoin balance on exchanges continues its macro decline, reaching 12.6% of the Circulating Supply (2.4M $BTC).
Exchange balances have now seen a macro outflow of over 4.6% of the 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 upside followed a broader market reaction to the US Federal Reserve’s rate hike last Wednesday, and mirrored gains across the US indexes where the S&P 500 closed the week more than 4% higher and Nasdaq ended with +4.7%.
Over the month, the S&P 500 gained more than 9%, while the Nasdaq added over 12%.
The post Bitcoin touches $24,600 as bulls eye best month since October 2021 appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.
