The equity markets of the United States have witnessed a robust year thus far. The Nasdaq Composite has surged by a remarkable 31.7%, marking its most impressive performance in the first half since the year 1983. Similarly, the S&P 500 Index (SPX) has achieved a substantial gain of 15.9%, its finest first half since 2019. This signifies a persistent demand for high-risk assets.
Within the realm of cryptocurrency markets, Bitcoin has spearheaded the recovery, exhibiting a noteworthy 20% increase during the second quarter of 2023. Encouragingly, this surge has not enticed Bitcoin hodlers to capitalize on their profits. The illiquid supply change metric provided by Glassnode stands near the peak of its cycle, demonstrating the unwavering conviction of hodlers
The extensive tail observed on Bitcoin's candlestick chart for July 2 signifies that the bulls are actively purchasing during intraday dips. These buyers endeavor to fortify their position by propelling and maintaining the price above the formidable resistance level at $31,000. Should they successfully achieve this objective, the BTC/USDT pair could gather significant momentum, initiating its upward journey towards the $40,000 mark.
Although the $32,400 level might present a minor obstacle, it is likely to be surmounted. The ascending 20-day Exponential Moving Average (EMA) currently at $29,446, along with the Relative Strength Index (RSI) nearing the overbought zone, suggests a favorable advantage for buyers. In order to gain the upper hand in the near term, sellers would need to drive the price beneath the 20-day EMA.
Subsequently, the pair may experience a decline towards the 50-day Simple Moving Average (SMA) situated at $27,704.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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