The Bull in Bear’s Clothing
TL;DR:
- Current market situation:
- Short-term: Consolidation / Correction
- Long-term: Modestly bullish
- July was a month of an important market reversal, the low is most likely in.
- Several on-chain and market metrics started flashing positive signals in July.
- Our strategies have successfully protected the portfolios from the drawdown in July.
Market overview
Bitcoin continued to exhibit signs of a prolonged bearish trend for the first three weeks of the month, reaching its lowest point on 20 July when BTC closed the day below $30k – the price level last seen at the start of the year. Market sentiment was also negative, and some investors were convinced that this marks the end of the bullish trend for the crypto market.
However, this was not the case. Bitcoin started to recover quickly, and by the end of the month, BTC’s price rebounded above $41k, closing July with a monthly performance of +18%. The rest of the crypto market also followed suit, and the crypto market recorded a return of +11.52% by the end of the month (click on any image below for a larger version).
![[SC] Market and on-chain data - July 2021](https://solidum.capital/wp-content/uploads/2021/08/SC-Market-and-on-chain-data-July-2021-800x450.jpg)
Follow us on social media:
DISCLAIMER: This article is for informational and discussion purposes only and does not constitute a marketing message, an investment survey, an investment recommendation, or investment advice. The article was prepared exclusively for a better understanding of market dynamics.
