Coinbase reported that Bitcoin reached a record high of $24,666. This puts the benchmark cryptocurrency at the cusp its best monthly performance since Oct 2021.
Bitcoin (BTC), which reached its highest price since mid-June, climbed to $24,666 on the US crypto exchange Coinbase.
BTC/USD will be looking for new support. retesting The 200-week moving mean zone could be crucial to bulls’ plans to move higher.
Chart showing the BTC/USD monthly performance. Source: TradingView
Bitcoin’s best month since Oct.
Despite a short lull on Saturday, the flagship cryptocurrency is still above $24,500 and is currently on track for its best monthly performance in nine years.
BTC/USD has seen gains of more than 23% in July and is now poised to see the highest monthly returns since October 2021 when it saw nearly 40%.
Bitcoin is also showing a positive monthly return, for the first-time since March, when it was at around 5.4%. The Bitcoin price dropped by 68% over the three months April, May, and June. This makes July a good month for bulls.
As hodlers fought the crypto winter, on-chain, outflows of macro exchanges have continued. Glassnode reports that exchange balances are down to 12.6% of the circulating supply, which is 2.4 million BTC.
Since the March 2020 ATH, the macro outflow in exchange balances has exceeded 4.6% of the circulating supply.
— glassnode (@glassnode) July 29, 2022
Bitcoin’s latest upside followed a broader market reaction to the US Federal Reserve’s rate hike last Wednesday, and mirrored gains across the US indexes where the S&P 500 closed the week more than 4% higher and Nasdaq ended with +4.7%.
The S&P 500 gained more that 9% over the month, while the Nasdaq saw an increase of more than 11%