BTC price tops 10-day highs as Bitcoin whale demand sees ‘huge spike’

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Bitcoin (BTC) benefited from the volatility at the end of the week on June 26 as the pressure pushed BTC/USD to its highest levels in more than a week.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
‘Unusual whale activity’ reported
Followed by data from Cointelegraph Markets Pro and TradingView, the largest cryptocurrency reached $21,868 on Bitstamp.

Just hours after the weekly close, the reversal was below $21,500, and Bitcoin is still in line to close out the first weekly “green” candle since May.

The event came after warnings that choppy up and down conditions could return during the low liquidity weekend trading. However, cross-chain data fixed what appeared to be buying by the larger group of Bitcoin investors before the rally.

“Unusual activity of whales has been detected in Bitcoin,” noted the popular analysis source Game of Trades.

“The supply being held by entities with a balance of 1k-10k BTC just saw a huge surge in demand. Let’s see if the trend confirms.”
The accompanying chart from on-chain analytics firm Glassnode showed a noticeably bullish shift from when BTC/USD bottomed at $17,600 this month.

Display of BTC held by entities with an annotated graph of 1,000-10,000 BTC. Source: Games of Trades / Twitter
As Cointelegraph reported, whales eagerly bought BTC below $20,000, forming new support groups in the process.

CME futures gap looms large
But for others, conservative views on price action remained the norm.

Related: Bitcoin Gives ‘Encouraging Signs’ – Watch These BTC Price Levels Next

Cointelegraph contributor Michael van de Poppe has considered the need for a final breakout of $21,600 in order to secure the chances of further rally. Additionally, last week’s closing price of $21,100 on CME Group Bitcoin futures could provide a short-term target.

He predicted that “record weekend fakes happen and may end when CME closes at $21.1K for bitcoin.”

“There is no clear break above $21.6K at this point, yet.”

1-hour candlestick chart for CME Bitcoin futures. Source: TradingView
The monthly close was on track to consolidate the worst June ever for Bitcoin with monthly losses of close to 33%.

Along with May 2021, this will also be the worst-performing month since before the bottom of the bear market in 2018, data from on-chain monitoring resource Coinglass confirms.

Bitcoin monthly returns chart (screenshot). Source: Coinglass
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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