It appears that the Crypto market has lost its bullish momentum as the lead cryptocurrency, Bitcoin Price, is now trading around $23,000 after having fallen below the crucial levels. This price momentum has pulled back other cryptocurrencies too.
However, July’s “The Bitcoin Monthly” report predicts a different outcome. The report says that this is the end of the bear market. Here’s why.
In July, Bitcoin closed the month on a bullish note after surging by 16.6%, from $19,965 to $23,325. However, speculation around Bitcoin falling to $13,890 has been ruled out. Hence, the bear market theory might have come to an end.
ARK claims that since COVID, the relation between Bitcoin and the US stock market has been strong. Now, bulls have been moving in favor of the US and this will have an impact on Bitcoin too.
Factors Influencing Bitcoin Price
Celsius Network, which had halted all its transactions and withdrawals and has now filed for Chapter 11 bankruptcy protection. Earlier it had caused the crypto market to fall drastically. However, on a positive note, recently the firm has announced that it has paid the remaining $41.2 million debt to DeFi protocol MakerDAO.
Meanwhile, the flagship currency has recaptured the important support areas. Now, Bitcoin is selling beyond its market cost basis after dropping less than its investor cost basis for the first time since March 2020.
Even Bitcoin’s scaling solutions are heading positively as the stability over Lightening Network hits an all-time high.
On the contrary, with the failing economy that also includes employment, the Federal Reserve is expected to increase the interest rates.
Hence, if tomorrow’s CPI (Consumer Price Index) turns negative, the market will see a negative impact, else, this could mark the end to the bear market.