Here is the rewritten content:
“Bitcoin has outperformed some of the big tech giants like Google, Microsoft, Apple, Meta, and Amazon, on a 12-month risk-adjusted basis. Only Nvidia has managed to pull off a better performance amid the solid boom for artificial intelligence over the last year.”
Bitcoin has been a strong performer this year, despite the strong volatility seen throughout July. The asset class has outperformed some of the big tech giants on a 12-month risk-adjusted basis. Only Nvidia has managed to pull off a better performance amid the solid boom for artificial intelligence over the last year.
Nvidia Beats Bitcoin
Despite the strong tech market rally over the last year, most of the big tech giants have fallen way behind Bitcoin in terms of percentage returns on a 12-month chart. As per the below chart, only Nvidia has managed to beat Bitcoin with 140% gains on the yearly chart while BTC stands at 120% gains as of the current Bitcoin price of $61,500.
However, it’s the macro conditions currently driving the fluctuations in the Bitcoin price. Over the last week, both Bitcoin and Nvidia have corrected 6-7% in the recent market rout.
BTC At Crucial Support
Bitcoin is facing strong selling pressure and currently trading at a crucial support with a scope for an additional downside. According to Rekt Capital, BTC has completed 110 days past the halving event. Historically, BTC has always given a breakout 150-160 days post the halving event. Thus, we have a month of consolidation ahead of us before we see the actual surge going ahead.
Bitcoin has returned to the Range Low area, with scope still for additional downside deviation in the near future
And currently at ~110 days after the Halving, Bitcoin is slowly getting closer to its historical breakout point of 150-160 days after the Halvinghttps://t.co/k2oqjOD85D pic.twitter.com/Ox1SXLXptu
— Rekt Capital (@rektcapital) August 3, 2024
Conclusion:
While Bitcoin has been a strong performer this year, the current market conditions suggest that it could be facing a period of consolidation before any further surge. The strong correction in the last week highlights the importance of being cautious and only investing what you can afford to lose.
FAQs:
Q: How has Bitcoin performed this year?
A: Bitcoin has outperformed some of the big tech giants like Google, Microsoft, Apple, Meta, and Amazon, on a 12-month risk-adjusted basis. Only Nvidia has managed to pull off a better performance amid the solid boom for artificial intelligence over the last year.
Q: What is driving the fluctuations in the Bitcoin price?
A: The macro conditions are currently driving the fluctuations in the Bitcoin price. Over the last week, both Bitcoin and Nvidia have corrected 6-7% in the recent market rout.
Q: What is the current situation for BTC?
A: Bitcoin is facing strong selling pressure and currently trading at a crucial support with a scope for an additional downside. According to Rekt Capital, BTC has completed 110 days past the halving event. Historically, BTC has always given a breakout 150-160 days post the halving event.
