Two weeks into July and bitcoin has risen to a fourteen-month high, as cryptocurrency markets reacted to the Ripple Labs’ ruling. XRP was partially ruled to not be a security by U.S. judge Analisa Torres, after a lawsuit from the Security and Exchange Commission (SEC). However, what does this mean for price action for the remainder of the month?
Current Market Status
Prior to Thursday, cryptocurrency markets mostly consolidated to start the month, as traders digested various data points from the United States.
Firstly, non-farm payrolls fell below expectations, coming in at 205,000, then inflation also slipped, dropping to a two-year low of 3.0%.
Despite this, traders still struggled to define market sentiment, with BTC unable to break out of a ceiling at $31,000, until this week.
July Outlook
Bitcoin (BTC) surged to an intraday peak of $31,862 on Thursday, which was its strongest level since May 2022.
The move came following a breakout of a resistance level at $31,400, however, bulls have so far been unable to sustain this.
As of writing this, BTC is trading at $30,342.71, after briefly falling below $30,000 during Saturday’s session.
Looking at the chart, the price has since stabilized, as the relative strength index (RSI) of 14 weeks, fell to a floor at 61.00.
Should this floor hold, bitcoin bulls will likely continue to target a breakout above the next key ceiling, which lay at $32,400.
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Where will bitcoin end the month? Let us know your thoughts in the comments.