Crypto Markets Analysis: While historically one of Bitcoin’s strongest months, this July has been uneventful to date. GWilliamsJr_CMT reports
Wednesday CPI data is the next data point that markets will be watching.Bitcoin is trading unusually flat for July, a sign that investors are reluctant to chase the 21% price increase of the past month. Wednesday’s Consumer Price Index , the first, significant inflation data since mid June, may establish whether the range-bound trading pattern continues. A continued decline could buoy investors, while a flattening or increase could stifle them.
June performance was strong as well, with its 0.41% average daily gain largely driven by BlackRock’s spot ETF announcement. February and April were relatively flat, while May has been BTC’s only negative performing month this year. This has not been the case for 2023 however, as the average daily gain in July has been just 0.03%, approximately 0.93% higher if calculated over 30 days.
Pessimistic investors would likely consider the trend concerning for BTC prices. Optimistic ones would likely anchor to the fact that bitcoin has maintained its early year increase.indicates that 74% of bitcoin addresses are in profit, which likely scores one for the bulls. A high percentage of BTC holders in profit implies an investor base likely to hold its current position, especially following the sharp 2023 run-up.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin halving bullish for Saylor’s MicroStrategy: Berenberg CapitalAnalysts from Berenberg Capital Markets say that the upcoming Bitcoin halving could be a major positive for value of shares in saylor’s enterprise analytics firm MicroStrategy.
Read more »
Bitcoin Mining Difficulty Set to Surge: Record-Breaking Increase Looms, Erasing Recent Reduction – Mining Bitcoin NewsStatistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023.
Read more »
Iowa Resident Scammed of $6,600 in Bitcoin ATM Scheme, Police Launch Investigation – Bitcoin NewsThe Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets.
Read more »
EUR/USD: Weekly Forecast 9th July - 15th JulyThe EUR/USD has gone into the weekend near the 1.09680 ratio, which is within sight of the high made only a few hours before the Forex markets closed.
Read more »
Your Horoscope This Week: July 9 to July 15, 2023The week kicks off with the last quarter moon in Aries pushing us to take a stand.
Read more »
Bitcoin, Ethereum Technical Analysis: ETH Over $1,900 as Greenback Weakens on Tuesday – Market Updates Bitcoin NewsEthereum moved briefly above the $1,900 level on Tuesday, as the U.S. dollar weakened versus several G7 currencies.
Read more »