Bitcoin, Ethereum Headed Toward Best Monthly Close Since 2021; Analysts Indicate Reversal Signals To Watch

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  • Analysts Give Reversal Indications
  • Honduras launches “Bitcoin Valley”

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

According to TradingView data, Bitcoin is up 22.68% so far in July, representing its highest month-end close since October 2021. The second-largest cryptocurrency, Ethereum, rose 61.88% so far in July, setting is also set for its highest month-end close since October 2021.

Some investors believe the Federal Reserve could stop raising interest rates by the end of the year and even switch to cutting borrowing costs by 2023, amid mounting evidence of a slowing US economy. This could be good news for assets like cryptocurrencies, which have struggled this year.

At the time of publication, Bitcoin and Ethereum were up nearly 3% at $24,191 and $1,712 respectively.

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Analysts Give Reversal Indications

Cici Lu, CEO of Venn Link Partners, said the market may have bottomed out, stating that “the liquidation of leveraged positions appears to be over,” Bloomberg reported.

In a similar vein, BitBull Capital CEO Joe DiPasquale is more interested in Bitcoin’s monthly close and whether it’s retesting support levels between $19,000 and $20,000. “Successful bounces of that range can give bulls a solid foundation for an ongoing rally,” he says.

In the coming days, Ethereum could climb to $1,915 to $2,000, predicts Mark Newton, chief of technical strategy at Fundstrat, who stated that “Ethereum looked technically more attractive than Bitcoin in the near term.”

Honduras launches “Bitcoin Valley”

Honduras has launched “Bitcoin Valley” in the tourist destination of 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 disseminate these techniques to other businesses and surrounding communities.

In Santa Lucia, owners of both large and small businesses are adapting to accept cryptocurrencies as payment to attract more tourists.

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