Bitcoin Rising Fastest Since October 2021 As Supply Continues Low

Bitcoin (BTC) It was a very strong month. The price rose more than 20% in July, and this is the strongest increase since October 2021, shortly before Bitcoin high all the time (ATH) from $69,000.

So the market sentiment started to become more positive. However, Bitcoin is still about 66% below ATH and the market is mainly talking about a alcohol market or Relief March And not far from one bull market.

Bitcoin Fear and Greed indicator is ~39 neutral
Current price: $23663 pic.twitter.com/4RVh9zHJHJ

Bitcoin Fear and Greed Indicator July 31, 2022

Bitcoin price rose 20% in July, but is down 1.2% today

The Bitcoin price It was just under $19,000 on July 1, and peaked at $22,000 a week later. Then Bitcoin was rejected here and fell to $19,000, but then rose again and then peaked at around $24,200 on July 20.

The price then quickly declined again, but this time found enough support at the $21,000 level and then resumed its rally. Last Friday, Bitcoin slipped again at $24,000, but the resistance was still too big.

However, yesterday afternoon bitcoin briefly breached this afternoon and peaked at $24,600, the highest price since June 13. After that, bitcoin quickly rallied again and failed to recover $23,800 this morning.

BTC is currently at $23,700 KuCoin and 23,200 euros bitvavo. So, the BTC rate is 1.2% in minus today, but 5% in plus this week and 20% in plus this month.

Bitcoin and the 200-week moving average

200 weeks moving average It acts as a major resistance level for the first time in price history, as analyst Caleb Franzen points out below. The 200-week simple moving average (SMA) is currently around $22,800 and the 200-week exponential moving average (EMA) is around $26,750. If the price breaks through this, and this area turns into support, it could be rising Be a sign.

# bitcoin It crossed $24.5K, trading within the cloud of the 200-week moving average.

200EMA 🔵 = 26.7 thousand dollars
200 SMA = 22.8 thousand dollars

I was wary that this level could act as resistance for the first time in the BTC dollarsHistory, but a break above this range could turn it around to back it up! pic.twitter.com/PLz7xZqzRo

CalebFranzen 30 July 2022

Then the price of BTC may first have to stay above $23,200, as Decentrader points out below. it will be high low This could also be a bullish sign. If that doesn’t work, a lot of support should be around $22,200 and now $22,500. However, this does not mean that a drop below is excluded.

BTC dollars Exit in the last few hours down $1,000 from today’s high and draw a shooting star. If the price drops further, it would be bullish to hold $23,200. Below $22,500 – $22,200 it should find some strong support. https://t.co/vlj2eEE9bn

– Decentrader (decentrader) 30 July 2022

Bitcoin continues to fall on exchanges

Meanwhile, the amount of bitcoin on exchanges continues to decline. Since March 2020, BTC exchange balances have fallen by 4.6%, according to analytics firm Glassnode. The exchange now has only 12.6% of the circulating supply, or 2.4 million BTC. It is a sign that investors are holding more and more BTC and this is bullish for the long term.

# bitcoin The balance on the stock exchanges continued its overall decline, reaching 12.6% of circulating supply (2.4 million BTC dollars).

Exchange balances have now seen a total outflow that has exceeded 4.6% of circulating supply since March 2020 ATH.

Live graph: https://t.co/zJnfaG05zt pic.twitter.com/vhKCudqGUr

– glassnode (glassnode) 29 July 2022

Additionally, the On-Chain College analyst reports that the number of addresses holding at least 0.01 BTC is also continuing to rise. This is now over 10.5 million titles.

the number of # bitcoin Addresses with at least 0.01 BTC are up sharply, now at over 10.5 million addresses pic.twitter.com/3inwRvTlW2

OnChain College (OnChainCollege) 29 July 2022

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# bitcoin half pointer pic.twitter.com/7yO63nNDsL

– ChartsBTC (ChartsBtc) 30 July 2022

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