on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass.
on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020.The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that theand may eventually return to an accommodative monetary policy and more neutral rates.
Alternatively, if the price turns down from the current level or fails to sustain above $24,276, it will suggest that demand dries up at higher levels. In that case, the critical level to watch on the downside is the 20-day EMA. If this support cracks, it will suggest that the bullish momentum has weakened. The pair could then decline to the 50-day simple moving average .) rebounded sharply off the 20-day EMA on July 27 and broke above the critical resistance at $1,700 on July 28.