I'll be discussing what they're going to is definitely making a comeback there couple really critical things. That we need to look at so be bring instead going else is from our man Omkar gargoyle a great writer for queen desk and if you're interested I will have the article linked. so check it out if you would like to his articles are always really good and I always encourage further reading but anyway folks. let's go ahead and get right into it so backwards price posted gains in the first month of the third quarter snapping the longest losing streak it's seen in nearly two years the world's largest cryptocurrency by marketcap wrist twenty percent in July having registered losses in the previous two months. The first instance of back to back monthly drops since August of twenty sixteen at press time record is trading at seven thousand five hundred and eighty dollars according to bitcoin desks big point price index or BPI at first instance the rarely seen in July may pure corrective in nature as the court was looking over sold at the end of quarter too courtesy of a fifty eight percent drop in the first six months of the year. However a detailed look at crypto market metrics unveil that the July satirize did have estate to empty with the massive characteristic dominance researched in July as prices recovered from the yearly lows below six grant indicating that investors are likely betting on a sustained rally in third point and are not really buying leading cryptocurrency to rotate money into other innovations which is definitely Good news it shows more long term andsustained adoption.
which is something that we really need to see for a big comeback to actually come into play deeper core dump its rate rose to a seven month high of forty eight point three percent on July thirty first and was seen hovering around forty seven point eight percent as of late now. secondly trading point show signs of life adding credence to pick ones inverse head and shoulders bullish reversal. which is something that I've definitely touted in previous videos the average daily trading volume in July was around four point five six billion dollars of five point eleven percent compared to the average daily volume of four point three four billion dollars seen in June. According to coin marketcap data also the average daily volume of rose for the first time in July after three straight monthly declines. That's another great aspect that really shows us that big one is definitely still alive and well so clearly becoming looks pride for further gains after July's twenty percent price rise still the bulls beat to adopt a scrupulous meeting as the mayor part of the assemble was promising kindling by expectations that institutional money would flow into cryptocurrency waters if the US. As you see approved the corn exchange traded funds or ETFs does a big court really could potentially unravel if the FCC reject proposals for ETF approval we've already seen the trailer of what could happen if the SEC continues to play spoil sport for instance record prices fell sharply from eight thousand two hundred dollars to seven thousand nine hundred dollars last Thursday. On the SEC's rejection of the vehicle lost the quite yet and more importantly the bullish momentum as weekend since Friday. However looking ahead pick one could continue to rise as increasing calls for a quick ETFs will likely keep the crypto currency in demand the technical studies are also biased toward the polls. which is always a good thing become clear the following the channel last week signaling the sell off from the record high of twenty grand reached in December has ended with walls need now is to convince.
Through the fifty week moving average currently located eight thousand four hundred and thirty dollars if scaled the cryptocurrency will likely take ten grand in only a couple of weeks. so anyway folks it's a very exciting news and I really have to agree with encore here. I think to the ten thousand dollar price point is definitely attainable and we were at a point in not to walk of course that is my opinion. so anyway after I've listed these factors you know what we don't all of you are thinking about them let me know if you think that they're true or thirteen or whatever basically give your pin it down the comments section below.
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