toward their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding the Ethereum"merge" upgrade.
Per TradingView data, Bitcoin is up 22.68% so far in July, setting up for its highest monthly close since October 2021. The second largest cryptocurrency, Ethereum, was up 61.88% so far in July, setting up for its highest monthly close since October 2021 as well. Some investors believe that the Federal Reserve may stop raising rates by year's end and may even switch to lowering borrowing costs in 2023 as a result of growing indications of a slowdown in the U.S. economy. This might be good news for assets such as cryptocurrencies, which have struggled this year.
At the time of publication, Bitcoin and Ethereum were up nearly 3% at $24,191 and $1,712, respectively.Cici Lu, CEO of Venn Link Partners, opined that the market may have found a bottom, stating that"liquidation of leveraged positions seems to be over," In the same vein, Joe DiPasquale, CEO of BitBull Capital, is more interested in Bitcoin's monthly close and whether it retests support levels between $19,000 and $20,000.
In the coming days, Ethereum may surge toward $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 run."