Notable Bitcoin rally as BTC price hits 6-week high

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Bitcoin price performance is reaching resistance higher and higher as July gains could reach 20%.

Bitcoin (BTC) hit a quick six-week high on July 29 as a result of the latest macro developments that boosted risk assets.

 

BTC/USD candlestick chart (Bitstamp). Source: TradingView

Monthly closing may increase by 20%

Data from TradingView hit a local high of $24,445 for BTC/USD on Bitstamp, the highest since the week starting June 13.

After consolidating around $23,000, the market was driven higher by GDP data and the latest gains from the US Federal Reserve confirming that the US is now in a recession.

Risk assets fared better across the board, with Bitcoin and altcoins joining gold in giving traders and analysts cause for optimism on the outlook.

Compared to the same time last week, BTC/USD is up a modest 4% at press time. With just two days left before the July weekly close, the pair is on track to post a monthly gain of more than 20%, data from Coinglass confirms.

BTC/USD monthly profit chart. Source: Coinglass

 

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