Cryptocurrency prices are increasing after a long period of decline. The global crypto market capitalization has also increased by 2%, reaching $2.31 trillion. Let us find out why crypto prices are up today.
What you'll learn 👉
Bitcoin Reclaims Key Level
Bitcoin has resumed its critical $63,000 level. This move has been seen as a positive indicator by crypto analyst Michaël van de Poppe. However, BTC has now seen a slight pullback.
Poppe has indicated that the Bitcoin price is indicating optimism. He mentioned that Bitcoin is forming a higher low. Furthermore, he indicated that BTC is receiving support at the $60,000 mark. Van de Poppe argues that this price pattern suggests a possible bottom for the current slump.
Ethereum has also demonstrated indications of recovery. For a brief duration, ETH has risen to $3,500. This revival comes ahead of the anticipated approval of an Ethereum ETF this week.
Van de Poppe has also provided insights into the altcoin market. He points to the Others/BTC chart as a good indicator of altcoin strength relative to Bitcoin.
Despite altcoins being “hammered” for the past six months, the analyst anticipates a rotation back upwards. Van de Poppe describes the weekly chart as “massive” and expects a major pump for altcoins in the near future.
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Show more +Historical Context: July’s Potential for Bitcoin
Adding to the positive sentiment, analyst Ali has shared historical data suggesting that Bitcoin tends to perform well in July, especially following a negative June. According to Ali’s analysis:
- Bitcoin has shown an average return of 7.98% in July
- The median return for Bitcoin in July is 9.60%
This historical trend provides additional context for the current market recovery.
Several factors may be contributing to the current market rebound:
- Technical Bounces: Key support levels holding for major cryptocurrencies
- Positive Sentiment: Influential analysts expressing optimism about market bottom
- Historical Patterns: Expectations of a Strong July Performance based on past data
- Ethereum ETF approval anticipation: Anticipation of Ethereum ETF approval.
Read more: Here’s Why Ethereum Name Service (ENS) Price Is Pumping
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