Bitcoin (BTC) made probably the most of weekend volatility on June 26 as a squeeze noticed BTC/USD attain its highest in over per week.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
“Unusual whale activity” flagged
Data from Cointelegraph Markets Pro and TradingView adopted the biggest cryptocurrency as it hit $21,868 on Bitstamp.
Just hours from the weekly shut, a reversal then set in underneath $21,500, Bitcoin nonetheless in line to seal its first “green” weekly candle since May.
The occasion adopted warnings that risky circumstances each up and down might return throughout low-liquidity weekend buying and selling. On-chain information nonetheless mounted what seemed to be shopping for by Bitcoin’s largest-volume investor cohort previous to the uptick.
“Unusual whale activity detected in Bitcoin,” in style analytics useful resource Game of Trades noticed.
“The supply held by entities with balance 1k-10k BTC just saw a huge spike in demand. Let’s watch if the trend confirms.”
An accompanying chart from on-chain analytics agency Glassnode confirmed shifting up markedly from across the time BTC/USD hit lows of $17,600 this month.
BTC provide held by entities with 1,000-10,000 BTC annotated chart. Source: Games of Trades/ Twitter
As Cointelegraph reported, whales had eagerly bought BTC beneath $20,000, forming new help clusters within the course of.
CME futures hole looms massive
For others, nevertheless, conservative views on price motion remained the norm.
Related: Bitcoin offers ‘encouraging signs’ — Watch these BTC price ranges subsequent
Cointelegraph contributor Michaël van de Poppe eyed the necessity to crack $21,600 definitively with the intention to safe the possibilities of additional upside. Additionally, final week’s closing price of $21,100 on CME Group’s Bitcoin futures might present a short-term goal.
“Standard weekend fake-outs happening and probably ending at CME close at $21.1K for Bitcoin,” he forecast on the day.
“No clear breakout above $21.6K at this point, yet.”CME Bitcoin futures 1-hour candle chart. Source: TradingView
The month-to-month shut was nonetheless heading in the right direction to cement Bitcoin’s worst June on file with month-to-month losses of virtually 33%.
Along with May 2021, this might even be the worst-performing month since earlier than the 2018 bear market backside, information from on-chain monitoring useful resource Coinglass confirms.
Bitcoin month-to-month returns chart (screenshot). Source: Coinglass
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