After witnessing a narrow BTC trading range for weeks, crypto investors and traders finally saw Bitcoin’s turnaround, impacting the crypto market positively at the week’s beginning.
Bitcoin overcame its resistance at $62,000 to mark a steady rise to $63,000. It came at an opportune time, as the week and month ended with negative 30-day returns for BTC. However, the continuity of the rally could be necessary for the crypto market cap to cross $2.5 trillion again. At the same time, crypto trading volumes in the market have also improved with Bitcoin’s turnaround.
The last few weeks had seen much lower crypto trading volumes. Coupled with outflows in the spot Bitcoin ETFs, it led to speculations that investors were moving away from the crypto market. In hindsight, the outflows could only have indicated a profit-booking phase for the investors.
Official data from crypto trackers have noted the historically higher returns of BTC in July. Except for four years since 2013, all months of July since then have seen positive BTC returns. The highest was in 2020, when BTC recorded over 24% returns in July that year. Meanwhile, BTC went through losses of around 6.96% in June 2024.
Other altcoins that have performed extremely well in recent days include SOL. The token has gone up by over 18% in the last seven days. AVAX and DOT were other major tokens that rose by double-digit returns in the last week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,300 on July 1, 2024, with BTC/USD trading higher by a margin of 2.76% in the last 24 hours. Bitcoin’s market cap was trading at around $1.24 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (65,534.08), as BTC’s 24-hour volume was at around $21 billion. The global crypto market cap increased by around 2.48%, trading above $2.32 trillion. BTC’s year-to-date returns are at 50.38%.
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