How’s the Market Doing? 📈
Good news for a change: the market is bouncing back, at least from where it was at the end of June.
Bitcoin recently recorded its biggest weekly percentage jump since March, jumping about 10%, from around $58,000 at the start of July to nearly $64,000 on July 7th. After a brutal June, green on the screen feels good.
Worth being clear on one thing though. Bitcoin climbing roughly 10% in one week is a big move, but not a big price as Bitcoin was as high as $82,000 back in May, so we’re still a long way from the highs. A sharp bounce off a low is not the same as a recovery.
So what turned things around?
Crypto sellers simply ran out of steam. When Bitcoin dropped below $58,000 at the start of the month, a lot of people betting against it were forced to buy back in as prices snapped up, which pushed prices even higher. Traders call this a “short squeeze,” and it turned the chart around fast.
Where might it head? If Bitcoin holds above $60,000 and pushes past roughly $64,000, analysts say the mood could keep improving. Standard Chartered is still holding its $100,000 year-end forecast, though, as always with predictions, treat it as a possibility, not a promise.
Where’s the market headed? Nobody knows for sure, and anyone who says they do is guessing. But here’s something to note, Bitcoin needs to continue holding above $58,000. And If it pushes past roughly $65,000, analysts say the outlook could improve toward $70,000. If it slips below $58,000 again, it could go even lower.
