Cryptocurrency

July: monthly Closing high of BTC from 2017

We approach ever closer to the end of 2020, a year quite memorable for all. In the case of Bitcoin, it’s only fair to analyze the performance of the criptomoneda at the close of July. In that sense, it can be noted that the price of BTC in July closed at a higher level in the that he did in 2017, the year in which reached its historical maximum.

Price of BTC in July closes above the us $ 11,000

For the bulls, July represented a breath of fresh air, considering the static that was the market of BTC in June. According to reports from CoinDesk, Bitcoin ended the month of July in US$ 11.351, your monthly closing highest since the historical maximum of the criptomoneda, nearly two and a half years.

We know that Bitcoin had closed below$ 11,000 each month from December 2017. If, in the month when it almost reached$ 20,000.

Also, the future of Bitcoin at the CME closed July at US$ 11.620

Graph of the price of BTC at the close of July 2020, which demonstrates a sort of optimism for those who bet on the rise of Bitcoin in the short term. Source: CoinDesk

What can we understand from this?

According to data of Messari, the criptomoneda leader has won 24% during the seventh month of 2020. This represented a kind of recovery after the loss of 3% in June.

One of the main consequences of this is that 93% of the tokens circulating Bitcoin became profitable, but the implications are not necessarily positive. This aspect we evaluate it by a few days in CriptoTendencia and you can review it here.

Future of Bitcoin in the short term

From Delphi Digital arose the idea that there is an environment quite favorable for a movement of the price of Bitcoin up, soon. So Liberman, co-founder of the analysis firm, pointed out that “the offer on the exchanges is close to the minimum of 12 months“.

That is to say that investors maintain a strong commitment to keep their tokens of Bitcoin in the long term. The percentage of the supply of Bitcoin that hasn’t moved in the last year is also at historic highs, said then.

Add to this the recent trend of the whales Bitcoin for accumulating BTC, even despite the news that threatened the reputation of the criptomoneda in a certain way, we will see a pattern. Specifically, we are referring to what happened with Twitter a few days ago.

In addition, according to the weekly report of Glassnode the miners are holding their coins, indicating great confidence in the market of Bitcoin.

The basics of the chain of Bitcoin have seen an increase since last week. This increase was driven primarily by a large increase in the subscript of feeling, with small gains in liquidity which also contributed.

At the time of writing this publication, Bitcoin changes hands with a value of US$ 11.852,26, which results in an increase of 3,72% in just 24 hours. Will it be August, the month that we expected from the Halving in may? Stay tuned to our updates.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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