Recently, Bitcoin has been hovering between $100,000 and $110,000, neither rising nor falling significantly, and has remained this way since June 23.
Why isn’t it rising?
Analysts say it’s mainly due to a lack of momentum.
It’s hard to break through the previous high of $111,900; investors are hesitant to buy easily. Without new news or changes in the macro environment to stimulate, the bulls (those who are optimistic) lack the confidence to push prices higher.
Currently, there is pressure for profit-taking in the market, but as the number of buyers decreases, this pressure is also easing.
However, it's good that Bitcoin is still above the 200-day moving average, indicating that the overall trend is still bullish, but caution is needed. If there’s bad news, it may trigger a concentrated sell-off, causing prices to drop rapidly.
On the other hand, Ethereum performed better than Bitcoin in July.
So far, Ethereum has risen more than 2.5%, while Bitcoin has only risen 1.2%.
This is the second time this year that Ethereum has outperformed Bitcoin — the first time was in May, when Ethereum rose 41% in a month, while Bitcoin only rose 11.1%, also driving up altcoins like PEPE and BONK by more than double.
Although Ethereum has not yet surpassed its historical high of $4,800, when it performs strongly, it often means that altcoins may become active.
However, historical data shows that July has not been friendly to Ethereum, with an average increase of only 5.13%. The third quarter has also been mixed.
So whether Ethereum can continue to be stronger than Bitcoin and whether altcoins can ignite next remains to be seen.
