Bitcoin: New data shows that bottom buying in Bitcoin (BTC) is in full swing among whales. However, analysts remain cautious about the short-term outlook.
Bitcoin (BTC) has ‘unusual whale activity’!
AmkNews.comAs you follow, Bitcoin has made the most of the weekend volatility. Because BTC has reached its highest level in more than a week. Data from TradingView shows the leading cryptocurrency reaching $21,868 on Bitstamp. On the other hand, just hours after the weekly close, there was a reversal below $21,500. Bitcoin is still lining up to seal its first ‘green’ weekly candle since May.
The event followed warnings that both upside and downside volatile conditions could return during low-liquidity weekend trading. Still, on-chain data points to Bitcoin being bought by the largest volume investor group before the rise. Popular analytics resource Game of Trades shared:
There is unusual whale activity in Bitcoin. The supply held by organizations with a balance of 1k-10k BTC has seen a huge spike in demand. Let’s see if the trend will be confirmed.
Also included is an accompanying chart from on-chain analytics firm Glassnode. The chart shows that BTC has increased markedly this month compared to when it dropped to $17,600. Meanwhile, whales eagerly bought BTC for under $20,000. It also created new support clusters in this process.
CME futures gap looks big
But for others, conservative views on price action have remained the norm. Popular trader Michaël van de Poppe sees the need to break $21,600 definitively to secure any more chances to rise. Additionally, the closing price of $21,100 on CME Group’s Bitcoin futures last week could provide a short-term target, according to the analyst. The analyst makes the following assessment:
It’s the standard weekend fake outs. Probably ends in CME. It closes at $21.1k for Bitcoin. At this point, there is no clear break above $21.6k yet.
The monthly close was on track to solidify Bitcoin’s worst June on record, with monthly losses of almost 33%. Along with May 2021, this will also be the worst-performing month since the 2018 bear market bottom, according to data from on-chain tracking resource Coinglass.
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