Recently, an on-chain researcher at Ark Invest, shared his insights in a detailed report, showing an optimistic perspective on BTC's current standing and future prospects. The report includes a comprehensive market summary, an analysis of Bitcoin’s low volatility and whether it indicates a potential breakdown or breakout, as well as a discussion on the impact of the Federal Reserve as a leading factor for BTC's upcoming future.
The detailed analysis reveals a bullish outlook for Bitcoin, with the cryptocurrency ending July at $29,300, above its 200-week moving average. This suggests a strong support level for Bitcoin, indicating a potential upward trend. The study also points out signals of miner capitulation as a bullish indicator.
From the macroeconomic view, experts discuss the potential impact of the possibility of the Fed’s future increase in interest rates, which they view as bearish for Bitcoin and the broader economy. Although, things could turn the table if they announce a pause to improve the economy.
At the time of writing this article, BTC's price is $29,050 with a market capitalization of $565 Billion.