Contents
- Analysts give indications for reversal
- Honduras Launches “Bitcoin Valley”
Bitcoin, Ethereum Heading For Best Monthly Close Since 2021; Analysts indicate reversal signals to watch
Top cryptocurrencies Bitcoin and Ethereum are heading for their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding Ethereum’s “merger” upgrade.
Per TradingView data, Bitcoin is up 22.68% so far in July, setting for its highest monthly close since October 2021. The second largest cryptocurrency, Ethereum, is up 61.88% so far in July, setting for its highest monthly close since October 2021 as well.
Some investors believe the Federal Reserve may stop raising interest rates by the end of the year and may even move to lower borrowing costs in 2023 amid growing indications 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 were up nearly 3% to $24,191 and $1,712 respectively.
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Analysts give indications for reversal
Cici Lu, managing director of Venn Link Partners, opined that the market may have found a bottom, stating that “liquidation of leveraged positions appears to be over,” Bloomberg reported.
Similarly, BitBull Capital CEO Joe DiPasquale is more interested in Bitcoin’s monthly close and whether it retests support levels between $19,000 and $20,000. “Successful bounces from that area could give bulls a solid foundation for a continued rally,” he states.
In the coming days, Ethereum could rise towards $1,915 to $2,000, predicts Mark Newton, head of technical strategy at Fundstrat, who stated that “Ethereum looked more attractive technically than Bitcoin in the short term.”
Honduras Launches “Bitcoin Valley”
Honduras launches ‘Bitcoin Valley’ ðŸ‡ðŸ‡³
Over 60 businesses have adopted #bitcoin in the small town of Santa Lucia. They will receive training in the new technology and how to market their products and services.
— Documenting Bitcoin 📄 (@DocumentingBTC) 29 July 2022
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 businesses to use cryptocurrencies to sell their goods and services, and to spread these techniques to other businesses and surrounding communities.
In Santa Lucia, business owners both large and small are adapting to accept cryptocurrencies as payment to draw in more tourists.
