Bitcoin and Ethereum Head for Best Monthly Close Since 2021; Analysts point out the reversal signals to watch for

Contents

  • Analysts give indications of a reversal
  • Honduras launches Bitcoin Valley

The top cryptocurrencies, Bitcoin and Ethereum, are heading for their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding the Ethereum “merger” upgrade.

According to TradingView data, bitcoin price is up 22.68% so far in July, set for its highest monthly close since October 2021. The second largest cryptocurrency, Ethereum, is up 61.88% so far in July, set for its highest monthly close since October 2021 as well.

Some investors believe that the Federal Reserve may stop raising interest rates by the end of the year and may switch to lower borrowing costs in 2023 due to increasing signs of a slowdown in the US economy. This could be good news for assets like cryptocurrencies, which have struggled this year.

At press time, Bitcoin and Ethereum are up nearly 3% at $2,4191 and $1,712, respectively.


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Analysts give indications of a reversal

Cici Lu, CEO of Venn Link Partners, opined that the market may have found a bottom, noting that “liquidation of leveraged positions appears to be over,” Bloomberg reported.

Along the same lines, Joe DiPasqual, CEO of BitBull Capital, is interested in Bitcoin’s monthly close and whether it retests support levels between $19,000 and $20,000. “A successful bounce from this range could give the bulls a solid basis for a continuation of the rally,” he says.

Mark Newton, Head of Technical Strategy at Fundstrat, expects Ethereum to rise in the coming days towards $1,915 to $2,000, who stated that “Ethereum looks more technically attractive than Bitcoin in the short term.”

Honduras launches Bitcoin Valley

Honduras Bitcoin Valley launched in the tourist destination Santa Lucia, a small town in the mountains, 20 minutes from the capital, Tegucigalpa.

The “Bitcoin Valley” project aims to train 60 companies to use cryptocurrencies to sell their goods and services, and to spread these technologies to other companies and surrounding communities.

In Santa Lucia, business owners both large and small are adapting to accept cryptocurrency as a way to attract more tourists.

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