BTC spikes above $24,600 as bulls retest key level

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%.