Bitcoin Records Best Monthly Performance in 2024

Bitcoin (BTC) recorded a solid performance in July as most cryptocurrencies recorded their best month in 2022. Bitcoin touched the ever-elusive $24,000 mark for the first time since early June, while Ethereum came close to tapping $1,800.

This bullish performance came despite the US Federal Reserve’s decision to raise its interest rates by 0.75%, bringing its prime lending rates to 2.5%. This was as the markets had already priced in a 0.75% rate hike prior to the announcement.

However, the key takeaway from the Fed’s comments was that it was easing its monetary policy tightening as the US fell into recession. This further boosted the price of BTC, giving it its best monthly close on 2022. Data from Arcane Research confirmed that July was Bitcoin’s best month with a 17% rally.

The market eased on its gains on Saturday amid optimism that the crypto market might have battled its way out of the crypto winter. On Tuesday, this mild correction sent the primary cryptocurrency to the $22,700 area.

That said, June was Bitcoin’s most volatile month in the past ten years. The cryptocurrency slumped from the $30,000 area to the $17,580 low mid-June. It, however, managed to recover some grounds and ended up closing June with a 37% drawdown.

Key Bitcoin Levels to Watch — August 2

The correction initiated on July 30 appears to have run out of road near $22,600. The cryptocurrency is buoyed by the 100-day EMA at that level, pushing the price higher.

That said, BTC currently crawls in oversold conditions suggesting a rebound could materialize soon. However, a breakdown of the 100 EMA should prompt a rapid correction to the $22,000 support. Regardless, I suspect a move to the $24,000 range is in play.

Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.

Total Market Capitalization: $1.07 trillion

Bitcoin Market Capitalization: $440.3 billion

Bitcoin Dominance: 41.1%

Market Rank: #1