Bitcoin (BTC), Cryptocurrency, News, Price Analysis

Evaluating What August Could Have for Bitcoin (BTC)

Bitcoin recorded impressive strides in July, making profits for 17% of $BTC investors. The month saw the world’s leading crypto hitting a 6-week high, exploring the $24,500 value area. Remember, Bitcoin has never seen an exceptional performance since October 2021.

Besides the 6-week record, BTC printed another impressive milestone. Glassnode data shows wallets with profits soared to a 30-day high. The on-chain data site logged 25,925,854.30 latest figure. So, July’s price surge ensured increased returns for more BTC investors. Surprisingly, there was more, as investors appeared to regain confidence in Bitcoin’s momentum.

Strengthening Again

Bitcoin investors seemed ready for further monthly uptrends as August started, regardless of the crypto dropping to $23K during this publication. Meanwhile, CryptoQuant’s data showed exchange depositing wallets significantly soared as July concluded. The metric stood at 19,126 by July 30. It climbed to 58.670 during the month’s final day before exploring the 67,966 high on August 2.

The upside steam appears with only a 0.98% surge within the previous 24 hours. Still, that hasn’t deterred whale counts from plunging. That’s because Glassnode noted a massive uptick in addresses holding 100 $BTC and 10,000 BTC.

Wallets with 100 BTC increased to 15,844 during this publication. The same occurred in 10,000 $BTC addresses as they recorded another peak in more than two months at 102.

Wait, Slow Down

While these developments have helped renew investor faith, it could be early for conclusions. According to the August 1 Glassnode report, the Bitcoin bear market may not be over. The report urged bullish momentum enthusiasts to consider waned demand in BTC’s network activity. Moreover, the prevailing oversold condition might hinder Bitcoin’s upsurge.

The crypto market saw uptrends within the past few days, improving market sentiment. Maintaining the uptrends could see Bitcoin flourishing in August. Bulls should amplify their actions to support uptrends. Faded network activity might hinder uptrends.

Also, the crypto space could see declines before embarking on surges. Some analysts believe the ongoing market rebound lacks legs, predicting possible plummets. Also, the macro environment doesn’t appear lucrative for risk assets.

Stay tuned for upcoming developments in the crypto industry.

Leave a Reply

Your email address will not be published. Required fields are marked *