Bitcoin Price – July 2020 – Bullish
Bitcoin Price – July 2020, is pushing north of $10K – At the time of writing Bitcoin price is $10,304.75 (10:00 CET). The global market cap is sitting at $188B and it’s 24hr value currently sits at $25B,
After 8 weeks of fluctuation in the $9000 region, Bitcoin surprised most traders last week with a bullish move that this week has let into the $10k+ range and resulted in a weekly high. The week 21st July 2020 to 26th July 2020 showcased Bitcoin Price going from $9,710 to $10,182. The movement has sent the internet alight overnight most online traders/influencers now recommending BUY & LONG (purchase with the expectation of selling and making a profit at a future date) (This is not investment advice).
Bitcoin Price Historicals 2020 – Highs and Lows
The last highest Bitcoin price was on the 14th of February 2020 when Bitcoin gave us a bit of extra love with its price hitting $10,359, this was short-lived when the price plummeted to a severe low of $4.8k on March 12th. Since then the price has been working upwards, reaching $10,201 on the 1st of June but remaining within the $9K range since.
- 14th February 2020 – $ 10,359
- 12th March 2020 – $4,800
- 1st June 2020 – $ 10,201
- 27th July 2020 $10,304 (10:00 CET)
More historical info about Bitcoin – read here: Bitcoin Price
Bitcoin Price – July 2020- Charts (1 day)
Looking at the charts and what we can certainly note is that Bitcoin’s weekly close last week was the highest we’ve seen for a while. In a few days, we will be able to see if this becomes the case also for the month of July 2020 We can see that Bitcoin is breaking out of a long term range, with trading volumes increasing indicating Bullish behavior as Bitcoin price sits within a $10K- $10,350 range.
Bitcoin Price – July 2020 Positive indicators
Reading charts is not easy. There is a lot of speculation on Bitcoin Price which is typically not based on sound technical analysis. In this specific scenario, we see positive indicators across a variety of indicators/patterns are trending upwards, not just one.
- Uptrend on Historical Volatility Percentiles & SMA
- Bitcoin Price is breaking a long term range
- Moving average looks positive
- Open interest is going up
- Volume is going up
- Moving averages divergences are going up
- Golden Cross is present
- Macro movement
Further to the above, we also see professional gaps within CME Futures. This is a macro indicator. The CME gap sitting at $9,615 has yet to be filled.
Bitcoin Price – July 2020 – Considerations
It’s worth noting that we have seen similar Bitcoin price activity in the past Sept 2019 & February 2020. In September 2019, the price peaked but also dumped aggressively along the way to this peak. Looking at 4hr charts, we should also say, expect volatile dumps along the way (eg. price plummets of up to $300 down within a few hours) as the price will probably bounce around from hour to hour.
A positive indicator for the end of the day on the 27th of July would be a daily close of around $9900. If Bitcoin Price breaks the $11K price point during the week, this will be a macro movement and we can review and consider some newer trends than what we have been seeing over the past weeks/months.
Market Investment Overview
As seen in a review by Head of Research – Noelle at Coindesk, Bitcoin is yielding better returns across the board of other key investments. With Bitcoin standing strong alongside Gold MTD but yielding better returns YTD with its 34.2% increase.
Looking to Buy Bitcoin?
Buying Bitcoin is like buying a house, look into all aspects before taking the plunge and you don’t buy a house in a day.
- Wallet: Setting up a digital wallet is simple, hardware wallets would need a few days to arrive in the post (we recommend the latter).
- Crypto Exchange: Registration on an exchange is mostly immediate, however KYC and making a depositing might take a few hours if you plan to trade on a non- custodial exchange.
Quickest approach: If you are looking to buy bitcoin right now, you will have to make a few security sacrifices, eg: not have your own wallet and trade on a custodial exchange like Coinbase or Binance. A custodial exchange means that the exchange holds your private key & lacks transparency but is faster than non-custodial exchanges. See our Crypto Exchange Reviews before taking the plunge.
Disclaimer: All information is based on collective research from multiple online sources, which at the time of writing the author considers reputable. This is not investment advice. The author holds Bitcoin & Ethereum and a few altcoins.