As June approached its end, Bitcoin now managed to set a new record. According to a report issued by the well -known encryption analyst Rekt Capital, the month witnessed that Bitcoin completes the highest monthly closure ever in the history of the encrypted currency. However, although this will usually be a bullish development of digital assets, there are still some declining factors that still threaten what should be a bull market.
Confirmation of this year’s collapse
Bitcoin price, which completes the month of June with the highest monthly closure ever, Causing. This closure above 106,000 dollars indicates that the bulls have now placed their tents above the psychological level of $ 100,000.
Rick Capital Explain Although this monthly closure has confirmed the outbreak, there are still some works in favor of the bulls. The main thing here is the fact that the size of the purchase side remains low, and if the bitcoin price is completely separation from here, the buyers will have to intensify their game
The size generally remains silent, explaining the reason for the continued price of BTC in a side movement. Therefore, in order for there to be any big step in the price, the size of the bitcoin must start moving or risk with a collapse from here.
To put this in its correct perspective, data from Coinglass He appears BTC daily trading volume decreased by more than 60 % in the last week of June. It was the month It reached its peak of up to 146 billion dollars on June 23 After collapse is less than $ 102,000. However, with a decrease in the price, the size decreased, which leads to a low end.
By June 29, the daily trading volume decreased to 22 billion dollars, before it rose the next day to close June 30 by $ 44.7 billion. With this, a disturbing correlation emerged, which indicates that with increased price, the size decreased, indicating this Investors have become more and more careful The higher the price of bitcoin.
If this low volume persists, the Rekt Capital sees some biological moves in the future of Bitcoin. The first will be the re -test of the range above $ 102,000 in order to capture more liquidity from the purchase side to pay another. However, if this level is not steadfast and failed to pick up a purchase, there is still a risk of losing support and falling about $ 93,000.
In the case of purchase High size in high rangeThen there is the possibility of a higher procedure. With the Bitcoin price near its highest level ever, a 10 % step will put it in new tops, especially if the bulls appear to defend $ 102,000 support.
Distinctive image from Dall.e, Chart from TradingView.com
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