Bitcoin and Ethereum Head for Best Monthly Close Since 2021; Analysts point to reversal signals to watch

Major cryptocurrencies Bitcoin and Ethereum are heading for their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding Ethereum’s “merger” upgrade.

According to data from TradingView, Bitcoin is up 22.68% so far in July, setting itself up for its highest monthly close since October 2021. The second-largest cryptocurrency, Ethereum, is up 61.88 % so far in July, preparing for its highest monthly close since October. 2021 as well.

Some investors believe the Federal Reserve could stop raising rates by the end of the year and could even switch to lower borrowing costs in 2023 due to growing signs of a slowing economy. American. This could be good news for assets such as cryptocurrencies, which have struggled this year.

At press time, Bitcoin and Ethereum were up almost 3% at $24,191 and $1,712, respectively.

Analysts give indications of reversal

Cici Lu, CEO of Venn Link Partners, opined that the market may have bottomed, saying “the liquidation of leveraged positions appears to be over,” Bloomberg reported.

In a similar vein, Joe DiPasquale, CEO of BitBull Capital, is more interested in Bitcoin’s monthly close and whether it retests support levels between $19,000 and $20,000. “Successful rallies in this range could give the bulls a solid foundation for a continued rally,” he says.

In the coming days, Ethereum could climb towards $1,915 to $2,000, predicts Mark Newton, Head of Technical Strategy at Fundstrat, who said that “Ethereum looks more technically attractive than Bitcoin in the short term.”

Honduras launches “Bitcoin Valley”

Honduras launches ‘Bitcoin Valley’ 🇭🇳

More than 60 companies have adopted #bitcoin in the small town of Santa Lucia. They will receive training on new technology and how to market their products and services.https://t.co/O8nh543ehG

— Documenting Bitcoin 📄 (@DocumentingBTC) July 29, 2022

Honduras launched “Bitcoin Valley” in the tourist destination of Santa Lucia, a small town in the mountains, 20 minutes from the capital Tegucigalpa.

The “Bitcoin Valley” project aims to train 60 companies in the use of cryptocurrencies to sell their goods and services, and to disseminate these techniques to other companies and surrounding communities.

In Santa Lucia, large and small business owners are adapting to accept cryptocurrencies as payment to attract more tourists.