Bitcoin reached its highest price level in the last six weeks on July 29, with the latest macro developments positively affecting risky assets.
Bitcoin (BTC) reached the highest price level in the last six weeks on July 29, as the latest macro developments positively affected risky assets.
Consolidating around $23,000 for a while, the bulls caught another surge after the Fed's latest rate hike decision and GDP data confirming the US is in a recession.
Risky assets performed best, while Bitcoin and altcoins gave investors and analysts reason to be optimistic.
“The situation is getting interesting,” on-chain analytics resource Material Indicators explained that they are watching Bitcoin set higher highs (HH).
Material Indicators added that if a daily close above $24,300 is achieved, the key level to watch is $25,000.
“If $25,000 is passed in this rally, we can focus on $28,000 very soon,” the analysis source stated.
BTC/USD is trading at 4% up compared to the same hours of the previous week as of the translation time. Two days before the close of July, the pair is on its way to close the month with a 20% increase in value, according to Coinglass data.
Altcoins also paint a similar rosy picture to Bitcoin. Ether (ETH), which stoned the performance of the week that started with June 6, exceeded $ 1,700.
Popular investor and analyst Rekt Capital commented, “Like most altcoins, ETH has successfully tested old resistance levels and turned it into support and has shown a strong recovery.”
According to analysts, for the rally to continue, ETH/USD must retrace the support level that started around $1,730.
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