Bitcoin loses momentum to close out July, as ETH eyes new upside target
Main Idea
Bitcoin lost momentum at the end of July, while Ethereum (ETH) showed potential for further gains, with analysts noting a breakout above a key resistance level.
Key Points
1. ETH broke decisively above the long-standing pivot at $2,813, a level that had capped price for over a year, signaling a potential rise toward $4,000.
2. BTC saw initial dips after Galaxy sold 80,000 BTC for a client, but accumulation from BTC treasury vehicles and ETPs helped offset the market impact.
3. July trading volumes averaged $4bn daily, reflecting a 12% decline from the previous week but remaining above May levels.
4. Analysts noted that August may bring volatility due to macroeconomic factors, including Trump’s tariff deadline.
5. ETH was up 56% in July, while BTC also saw gains before slightly pulling back.
Description
ETH’s “breakout marks a significant structural shift and clears the path towards…$4,000,” Kraken’s OTC desk noted
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