We are getting closer to the end of 2020, a year quite memorable for everyone. In the case of Bitcoin, it is fair to analyze the performance of the cryptocurrency at the end of July. In this sense, we can highlight that the price of BTC in July closed at a higher level than it did in 2017, the year in which it reached its historical maximum.
BTC price in July closes above USD 11,000
For the bulls, July represented a breath of fresh air, considering how static the BTC market was in June. According to CoinDesk reports, Bitcoin closed July at $ 11,351, its highest monthly close since the crypto’s all-time high, nearly two and a half years ago.
We know that Bitcoin had closed below $ 11,000 each month since December 2017. Yes, the month in which it almost reached $ 20,000.
Likewise, CME Bitcoin futures closed July at US $ 11,620
What can we understand from this?
According to Messari data, the leading cryptocurrency gained 24% during the seventh month of 2020. This represented a kind of recovery after the 3% loss in June.
One of the main consequences of this is that 93% of the current Bitcoin tokens were made profitable, but the implications are not necessarily positive. We evaluated this aspect a few days ago at CriptoTendencia and you can review it here.
Bitcoin future in the short term
Delphi Digital came up with the idea that there is a fairly favorable environment for a bitcoin price move up, coming soon. Tan Liberman, co-founder of this analysis company, highlighted that “the offer on the exchanges is close to the 12-month lows“
In other words, investors maintain a strong commitment to maintaining their Bitcoin tokens in the long term. The percentage of Bitcoin’s supply that hasn’t budged in the past year is also at record highs, he later said.
If we add to this the recent trend of Bitcoin whales to accumulate BTC, even despite the news that threatened the reputation of the cryptocurrency in some way, we will see a pattern. Specifically, we are referring to what happened with Twitter days ago.
Furthermore, according to Glassnode’s weekly report miners are holding their coins, indicating great confidence in the Bitcoin market.
The foundations of the Bitcoin chain have seen a surge since last week. This increase was mainly driven by a large increase in the sentiment sub-index, with small liquidity gains also contributing.
At the time of writing, Bitcoin is changing hands with a value of $ 11,852.26, which translates to a 3.72% increase in just 24 hours. Will August be the month we’ve been waiting since Halving in May? Stay tuned for our updates.