Bitcoin’s price reaches all-time high in July: 5 key things to keep in mind this week

BTC price all-time high in July? 5 things to know in Bitcoin this week

• BTC price gains since the weekend have transformed market sentiment, but not all Bitcoin traders think the good times will return so easily.
• The largest cryptocurrency is exciting traders once again after geopolitical events over the weekend, with gains since July 12 now at 10%.
• What could have turned out to be a knee-jerk reaction that ended with the weekly candle close has instead formed the foundation for further BTC price upside. The question for market participants now, however, is where support truly lies.

Such a move has been long coming — traders and analysts alike have watched BTC/USD plumb four-month lows and repeatedly fail to reclaim the $60,000 mark. Now with that process tentatively complete, other key price levels are coming back into play.

There is, however, always a risk of bulls running out of steam at the hands of manipulative market entities or simply due to a lack of consistent bid demand — something this week’s Wall Street trading sessions will no doubt determine.

Geopolitics and macroeconomics

Geopolitics could yet provide another curveball, along with macroeconomic factors, which start immediately this week. Jerome Powell, Chair of the United States Federal Reserve, will offer more insight into inflation expectations on July 15, while US jobs data will follow later on.

Meanwhile, the uptick in price is transforming the landscape when it comes to Bitcoin network fundamentals. After successive difficulty drops, the network could see a 4% increase in the coming days.

BTC price rise: Too good to be true?

If $60,000 were not enough for Bitcoin bulls, BTC/USD went on to gain another 3.5% after the weekly close. Itself an impressive $60,800, the close set up a run, which so far has seen $63,000 come back into play.

Traders greeted that surge, which cemented both the $60,000 and important levels nearby, with considerable relief.

• RSI signals currently “oversold” to an extent last observed nearly a year ago.
• BTC liquidations totaled $93.5 million for the 24 hours to the time of writing.
• Hashrate is bolstering the bullish view for the future, already challenging all-time highs.

Fed’s Powell kicks off macro week

The macroeconomic week gets off to a brisk start with Fed Chair Powell appearing at a discussion at the Economic Club of Washington, D.C. Amid mixed inflation data last week, markets will be paying close attention to Powell’s language when it comes to cues over how US financial policy might change going forward.

All eyes are on the Fed and the start of earnings season.

Bitcoin hashrate stages a serious comeback

After three successive downward adjustments, mining difficulty is finally due to begin a recovery of its own. While this will depend on price strength sustaining, current estimates of a 4% uptick on July 18 offer hope to those concerned about miner health.

Hashrate is bolstering the bullish view for the future, already challenging all-time highs.

Hedge fund trader: New BTC price all-time high by August

When it comes to BTC price predictions, the participation of traditional financial figures rarely passes the crypto community by. This week, hedge fund trader Josh Man making waves on social media, making a daring forecast of new all-time highs for BTC/USD by the end of July.

Crypto Fear & Greed Index doubles. The Index is transforming by the day, and as a lagging indicator, may not yet capture when could be the return of “greed” to the market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.