Cryptocurrency: July will be the best for bitcoin in 8 years

31.07.2020 19:01
This July will be the best for bitcoin in 8 years, says CoinDesk analyst Omkar Godboul.
Bitcoin at the time of publication is trading around 11,350, having risen by 25% since the beginning of the month. By the time the Friday candle closes, the cryptocurrency exchange rate should remain at this level to confirm the largest increase for the seventh month since 2012, when the price rose by 40%. If bitcoin falls below 11,050, this month's figure will be inferior to the result in 2018, when the increase was 21%.
The rise in the second half of July marked the end of a two-month consolidation period between 9,000 and 10,000. At the same time, there is a decline in the us dollar in foreign exchange markets, and gold is updating historical highs around 1,975.
"Bitcoin has stood out this year against the backdrop of colossal stimulus measures by Central banks and the collapse of the financial system," said Paolo Ardoino, technical Director of Bitfinex and Tether.
According to the analyst, bitcoin remains in a strong trend with a small number of signs of tension, despite increased sales of miners this week. The largest mining pool Pool on Wednesday brought 435 BTC to the exchanges, which corresponds to the largest outflow in one day since may 3.
On the monthly chart, the breakout of the triangle is obvious, the descending line or resistance in which is drawn from the top two and a half years ago.
The analyst believes that this opens the possibility for a rise to the resistance of 13,880 at the highs of June 2019, but does not rule out a pullback, given the overbought relative strength index.

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