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  • Fri. Nov 25th, 2022

Bitcoin touches $24,600 as bulls eye best month since October 2021

ByNdasi Tata

Jul 31, 2022
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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.1659207981603 c30a5b56 678f 41bf a0fb af06a3aa9fae

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’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

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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