Bitcoin touched a high of $24,666 on Coinbase to leave the benchmark cryptocurrency on the cusp of its best monthly performance since October 2021.
Bitcoin (BTC) hit highs of $24,666 on US crypto exchange Coinbase on Saturday, hitting its highest price level since mid-June.
BTC/USD is looking to establish fresh support after retesting the 200-week moving average zone, which could be key to bulls plans to edge higher.
Bitcoin on track for its best month since October
The flagship cryptocurrency, which remains above the $24,500 level despite a brief lull on Saturday evening, is also on track to post its best monthly performance in nine months.
With gains of over 23% in July, BTC/USD is positioned to see its monthly returns the best since seeing nearly 40% in October 2021.
Bitcoin is also posting a positive monthly return for the first time since March, when the 30-day performance was around 5.4%. Over the three months of April, May, and June, the price of Bitcoin fell almost 68%, making July a very good month for bulls.
On-chain, exchange macro outflows have continued as hodlers dug in amid the crypto winter. According to Glassnode, exchange balances have fallen to just about 12.6% of circulating supply, representing 2.4 million BTC.
Bitcoin’s latest rise followed a broader market reaction to the US Federal Reserve’s rate hike last Wednesday and mirrored gains in US indices where the S&P 500 ended the week up more than 4% and the Nasdaq finished with +4.7%.
Over the month, the S&P 500 gained more than 9%, while the Nasdaq added over 12%.
