Bitcoin (BTC) took full advantage of weekend volatility on June 26, with squeeze hitting BTC / USD high for the first time in a week.
“Abnormal activity of whales”
Bitcoin prices hit $ 21,868 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
Just hours after the closing price of the week, a reversal occurred below $ 21,500, and Bitcoin is momentum to become the green weekly bar, the positive since May.
It was pointed out that this rise could lead to renewed instability both up and down in illiquid weekend trading. On-chain data confirmed what appeared to be Bitcoin’s largest investor group buying before the rise.
“We have detected anomalous whale activity in Bitcoin,” said the popular analytical resource Game of Trades.
“Demand has skyrocketed for entities with 1000-100,000 BTC. Watch if trends are confirmed.”
Charts from on-chain analytics firm Grassnode show that BTC / USD has risen significantly since hitting a low of $ 17,600 this month.
As Cointelegraph reported, whales have bought less than $ 20,000 in BTC, forming new support clusters in the process.
The gap in CME futures stands out
However, conservative views on price behavior are the mainstream.
Cointelegraph contributor Michael Van de Poppe argued that the $ 21,600 would need to be decisively broken to secure the potential for further gains. In addition, last week’s closing price of $ 21,100 on CME Bitcoin futures could be a short-term target.
“There will be a standard weekend fake out, and Bitcoin will probably close at CME at $ 21,100,” he predicted.
“At this point, there is no clear breakout above $ 21,600.”
The monthly closing price is still going to solidify Bitcoin’s worst-ever June with a monthly loss of about 33%.
Along with May 2021, data from the on-chain monitoring resource Coinglass confirms that it will be the worst month since the bear market bottomed out in 2018.
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