{"id":13412,"date":"2022-07-31T03:07:58","date_gmt":"2022-07-31T03:07:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-spikes-above-24600-as-bulls-retest-key-level\/"},"modified":"2022-07-31T03:07:58","modified_gmt":"2022-07-31T03:07:58","slug":"btc-spikes-above-24600-as-bulls-retest-key-level","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-spikes-above-24600-as-bulls-retest-key-level\/","title":{"rendered":"BTC spikes above $24,600 as bulls retest key level"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<p dir=\"ltr\"><strong><em>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.<\/em><\/strong><\/p>\n<p dir=\"ltr\">Bitcoin (BTC) rose to highs of $24,666 on US crypto exchange Coinbase on Saturday, hitting its highest price level since mid-June.<\/p>\n<p dir=\"ltr\">BTC\/USD is looking to establish fresh support after<a href=\"https:\/\/twitter.com\/rektcapital\/status\/1553435901723828232\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>retesting<\/u><\/a> the 200-week moving average zone, which could be key to bulls plans to edge higher.<\/p>\n<p dir=\"ltr\"><em>Chart showing BTC\/USD monthly performance. Source:<\/em><a href=\"https:\/\/www.tradingview.com\/x\/xMktbbfJ\/\" rel=\"noopener noreferrer\" target=\"_blank\"><em>\u00a0<\/em><em><u>TradingView<\/u><\/em><\/a><\/p>\n<h2>Bitcoin on track for best month since October<\/h2>\n<p dir=\"ltr\">The flagship cryptocurrency, which remains above the $24,500 level despite a brief lull late Saturday, is also on track to record its best monthly performance in nine months.<\/p>\n<p dir=\"ltr\">With gains of over 23% in July, BTC\/USD is positioned to see its monthly returns the best since seeing nearly 40% in October 2021.<\/p>\n<p dir=\"ltr\">Bitcoin is also registering a positive monthly return for the first time since March when the 30-day performance stood at around 5.4%. Over the three months of April, May and June, Bitcoin price fell by almost 68%, which leaves July as a very good month for bulls.<\/p>\n<p dir=\"ltr\">On-chain, exchange macro outflows have continued as hodlers dug in amid the crypto winter. According to Glassnode, exchange balances have fallen to just about 12.6% of circulating supply, representing 2.4 million BTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> balance on exchanges continues its macro decline, reaching 12.6% of the Circulating Supply (2.4M <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>).<\/p>\n<p>Exchange balances have now seen a macro outflow of over 4.6% of the circulating supply since the March 2020 ATH.<\/p>\n<p>Live Chart: <a href=\"https:\/\/t.co\/zJnfaG05zt\">https:\/\/t.co\/zJnfaG05zt<\/a> <a href=\"https:\/\/t.co\/vhKCudqGUr\">pic.twitter.com\/vhKCudqGUr<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1553017879011942403?ref_src=twsrc%5Etfw\">July 29, 2022<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Bitcoin\u2019s latest upside followed a broader market reaction to the US Federal Reserve\u2019s rate hike last Wednesday, and mirrored gains across the US indexes where the S&amp;P 500 closed the week more than 4% higher and Nasdaq ended with +4.7%.\u00a0<\/p>\n<p dir=\"ltr\">Over the month, the S&amp;P 500 gained more than 9%, while the Nasdaq added over 12%.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-touches-24600-as-bulls-eye-best-month-since-october-2021\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) 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 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13412"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13412"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13413"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}