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
The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, you must conduct your personal analysis when making a choice.
