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Bitcoin Forms Another Failed Breakout

Written By: ChartChamp

July 30, 2024

Last week we had a lot of key events that could have helped Bitcoin form a bullish breakout. Trump provided very strong support for Bitcoin, and Ethereum’s ETF launch could have provided tremendous inflows. The bullish events have not led to a successful breakout yet. I think July has still been extremely successful for the crypto markets considering we had a very poor start with a strong selloff around July 4. I think August is likely to be a bullish month for stocks and we’ll see if it’s also a bullish month for crypto. For now I’m waiting for the monthly candle close tomorrow after the FOMC announcement. Usually crypto tends to rally after FOMC.

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