Most of the Bitcoin trading community is closely watching the Bitcoin price as it closes out the month of March, first of April. The ‘Closing Bell’ is the time at which the CME Group (a leading market maker for Bitcoin futures) closes its trading window at 4:00PM EST.
Bitcoin’s price has risen to an all-time high of $8,000, but is it too high? Or will it continue to rise? The market has been volatile in the past few months, with many predicting that it will crash. But, if you’re a trader, you know it’s impossible to predict the future—especially when it comes to Bitcoin.
Bitcoin’s monthly close every month is one of the most watched events by cryptocurrency traders. The reason is that it represents a kind of deadline, an end-point for a period of activity. Here is what you should look for if you are a trader:. Read more about when was bitcoin at its lowest and let us know what you think.Volatility in bitcoin (BTC) hit an all-time high in June, leaving traders confused and looking for the latest technical indicator or important news that could give a clue as to where the price is headed.
As June draws to a close, traders are focusing on the end of the month to determine whether the outlook for BTC is more bullish or bearish.
Chart 1 month BTC/USDT. Source: TradingView
At the time of writing, the price of bitcoin is still 47% away from its all-time high of $64,873 and analysts are ambivalent about whether the uptrend will return in the short term. Here are three prospects that analysts are keeping an eye on as the market gears up for July.
Bitcoin holds support at $34,500
A poll conducted on the cryptocurrency Twitter network shows that many chart watchers have identified $34,500 as the critical price level that must be defended to confirm a bullish scenario for bitcoin.
So far, the current 2021 cycle period is very similar to the mid-cycle correction of 2013.
Monthly closing candle #BTC above ~$34500 means BTC will continue to follow historical average cycle trends$BTC #Crypto #Bitcoin
– Rekt Capital (@rektcapital) 30. June 2021
According to Rekt Capital, a pseudo-trader on Twitter, approaching this level would put the market on a similar trajectory to the BItcoin price pattern seen during the 2013 bull market, which included a mid-cycle correction before the price hit a new high at the end of the year.
From this bullish perspective, the bitcoin price should soon continue the upward trend that started in late 2020, theoretically leading to a new all-time high in late 2021 or early 2022, which will be above $100,000 according to the bitcoin price movement pattern.
Bitcoin Fund Flow Model. Source: Lookintobitcoin
Despite the widespread acceptance of and belief in the S2F model, the recent movement in the price of bitcoin has even made Plan B, the creator of the popular model, concerned, as bitcoin has recently fallen to the lowest point in the model.
Even I always feel a little uncomfortable when the bitcoin price is on the low side of the stock flow model. Will it hold up (like March 2019 when I posted S2F, or March 2020 Covid, or September 2020 when BTC was locked at $10K) and is this another buying opportunity? Or will S2F be invalidated? pic.twitter.com/iIjTC2Ncy3
– PlanB (@100trillionUSD) 23. June 2021
Signs of a bearish breakout
While bull market proponents look forward to any sign of upward movement, the price action on the 30th has the market excited. June caught the attention of another pseudo Twitter analyst named John Wick. According to the analyst, a bearish topping pattern can be seen on BTC’s recent chart.
#BTC (4 hours update)
While we were on the right track, a signal was printed and confirmed. There was a confluence of a bearish cross on the RSI and bearish confidence.
Let’s see if we can hold support at $34,000. If not, we’re still in range. Breaking through the upper $36k and $41k levels is resistance pic.twitter.com/RZ4IAGoi16
– John Wick (@ZeroHedge_) 30. June 2021
According to Vic, bitcoin must now hold support at the $34,000 level or the market can expect another long period of sideways trading instead of a nascent upward move.
The bearish sentiment was also highlighted in the following tweet from Twitter user Nunya Bizniz, who notes that BTC needs to close above $37,400 to avoid three consecutive months of declines, which historically points to further declines ahead.
Monthly BTC :
The month ends tomorrow.
A close above $37.4K would prevent three consecutive months of declines.
In the following three months, the decline was even greater.
What the hell is going on here?
Message: Green squares = return to sorting time pic.twitter.com/aj1IWuGXXe
– Noonya Bizniz (@Pladizow) 29. June 2021
Signs of growing sentiment
While the debate over a bullish or bearish future continues, several indicators point to the possibility of rising sentiment amid the noise.
The #bitcoin grey scale premium is back to zero.
The #Bitcoin ETF target is buying again.
Market sentiment seems to be recovering pic.twitter.com/CmztgqHPvE
– Bitcoin Archive (@BTC_Archive) 30. June 2021
Twitter user Bitcoin Archive pointed to the Grayscale premium for bitcoin approaching zero and the surge in buying activity in the Bitcoin ETF as evidence of rising sentiment.
Related: NYDIG introduces bitcoin to 650 US banks and credit unions
Blockchain analyst William Clemente III also published the following chart to highlight that long-term BTC holders have been hoarding since late May, after the price of bitcoin fell below $29,000.
Number of bitcoins held by long-term holders. Source: Glassnode
Bitcoin is cheap, and long-term BTC holders know that. Since the initial price drop in late May, they have added 741,363 BTC to their holdings.
For a simplified explanation of the important levels to keep an eye on, John Bollinger, technical analyst and creator of the Bollinger Bands, simply stated that $41,000 and $31,000 are the main logical levels to keep an eye on and he also mentioned the $35,000 to $36,000 zone as critical support levels to keep an eye on.
Here are the logical levels I’m following $btcusd
So far, they’re significant milestones.#Bitcoin
– John Bollinger (@bbands) June 30, 2021
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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