Bitcoin (BTC) bulls appear to be back as crypto market takes off despite Fed rate hike and recession fears. Crypto evangelists Binance CEO “CZ”, MicroStrategy’s Michael Saylor and Galaxy Investments’ Mike Novogratz were bullish on the crypto market ahead of the FOMC meeting and believe the recession will indeed drive Bitcoin adoption.
Bitcoin Accumulation Rises Amid High Inflation and Recession R&D
The Bitcoin (BTC) price soared 29% in July, hitting a 2-month high of $24,294 on July 29. The US Federal Reserve’s interest rate hike and negative GDP report fail to dampen the market rally due to rising positive sentiment. The Crypto Fear & Greed index has jumped to 42 from 11 last month, making Bitcoin attractive above the $20k mark.
Binance CEO “CZ” in an interview with CNBC allays fears about rising inflation and recession. He believes Bitcoin (BTC) is bearish above the $20k level as the recent peak around $20ki in 2017 acts as a strong psychological barrier.
He said Bitcoin fundamentals are strong, money supply and Nasdaq 100 correlation are all secondary factors. The improving regulatory landscape, higher inflation and recession talks will help drive Bitcoin adoption.
He argues that logically the crypto market should move opposite to the stock market, but crypto is tied to macro factors these days due to its smaller market size. Both crypto and stock markets are rising despite the Fed rate hike and recession fears.
“The cryptocurrency market is so small that every time the big ship tank or when the stock markets crash, people want money. Today, most people who trade cryptocurrencies also trade stocks. So right now it’s positively correlated, which is illogical, but it’s exactly the way it is right now.”
Bitcoin analyst Willy Woo in a chirping on July 30, Bitcoin accumulation claims increase. He shared his personal Bitcoin capitulation and bear market bottom chart showing historical Bitcoin movements. Bitcoin bulls could fuel a rally.
Bitcoin evangelist and MicroStrategy CEO Michael Saylor believes Bitcoin will drive waves of crypto-regulation and rationalization as adoption continues to increase. In a recent chirpinghe said:
“This month the need for bitcoin climbed to a new all-time high.”
Bitcoin Bullish Above $20K Psychological Level and 200-WMA at $22.8K
The Bitcoin (BTC) price has moved significantly higher this week on the back of the crypto market and the decline in the stock market. In the last 24 hours, BTC hit a high of $24,294 and is currently trading at $23,825, down just 1%.
Bitcoin (BTC) price will remain bullish above the $20k level for a longer time. In the meantime, it is important to track price trends above the 200-WMA.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.