After fluctuating for nearly two months in its consolidation range and breaking out of its long-term downtrend since 2017, Bitcoin finally made a decisive move in July, and thus ignited a bullish sentiment amongst the crypto traders.

During the first three weeks of July, Bitcoin’s price ranged between $9,033 and $9,433, with no decisive breakouts on either side. After 21 July, however, Bitcoin started to appreciate daily, first breaking through the $9,500 resistance level on 23 July, and through the $9,800 resistance level on 26 July. Finally, on 27 July, Bitcoin’s price hit the $10,000 price mark, which led to a surge of buy orders, forcing the price to rally above $11,210 by the end of the next day. Thereafter, Bitcoin firmly reestablished itself above the $11,000 price level and ended the month at $11,323. If BTC manages to stay above $10,000 in the coming weeks, we expect the price to be much higher come the end of the year.

The Solidum Bitcoin Momentum Strategy outperformed Bitcoin in the previous month. The strategy recorded a gain of 29.29%, whereas Bitcoin ended the month with a monthly performance of 23.92%.

Chart 1 - SOBM Performance (2020-07)

Bitcoin also represented 62.4% of the total cryptocurrency market capitalization at the end of the month, down from 71% in September 2019.

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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.

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