Bitcoin
looks
like
it’s
starting
to
kick
off
the
week
on
the
right
foot,
suggesting
the
end
of
the
correction
that
lingered
throughout
June.
While
investors
continue
to
ponder
on
Bitcoin’s
price
trajectory
in
July,
on-chain
data,
price
history,
and
strategic
transactions
point
to
a
bullish
July.
Despite
the
short-term
volatility,
many
investors
remain
bullish
on
Bitcoin’s
long-term
prospects.
Notably,
data
shows
an
interesting
$500
million
increase
in
bids
below
the
spot
price
and
a
rise
in
open
interest,
as
pointed
out
by
popular
crypto
analyst
Daan
Crypto
Trades. 

Bitcoin
Investors
Place
$500
Million
Bids
Below
Price

Bitcoin
traded
for
the
majority
of
the
weekend
just
above
$61,000
as
the
bulls
fought
to
prevent
another
drop
below
$60,000.
According
to
a
BTCUSDT
chart
shared
on
social
media
over
the
weekend
by
Daan
Crypto
Trades,
many
strategic
investors
have
positioned
themselves
below
the
price
level
to
jump
on
Bitcoin
in
case
of
a
break
below
$50,000.

 

Related
Reading

This
exciting
strategy
amounted
to
over
$500
million
in
buy
prices
over
the
weekend
across
price
points
stretching
from
above
$60,500
to
below
$58,500.
The
bids
create
a
solid
foundation
of
buying
pressure
that
prevents
the
price
from
falling
much
further.
This
creates
intense
support
levels,
making
it
extremely
unlikely
we’ll
see
a
capitulation-style
price
collapse
below
$60,000
anytime
soon. 

Furthermore,
Daan
Crypto
Trades
pointed
out
a
corresponding
increase
in
the
Bitcoin
open
interest.
The
latest
data
from
CoinGlass
supports
this
claim,
with
a
3.11%
increase
in
open
interest
across
various
crypto
exchanges
in
the
past
24
hours.
This
increase
in
open
interest
represents
new
money
coming
into
the
market,
which
suggests
a
bullish,
optimistic
sentiment
among
traders.

#Bitcoin
$500M+
in
bids
were
placed
below
price
(but
mostly
pulled)
and
open
interest
going
up.

Doubt
we’ll
get
our
usual
weekend
price
action
as
mentioned.
Quite
a
lot
of
action
relatively
speaking.

End
of
the
quarter
usually
causes
some
interesting
moves.

https://t.co/4rRSjZMGhz

pic.twitter.com/7SJh6EYs7J

—
Daan
Crypto
Trades
(@DaanCrypto)

June
29,
2024

What
To
Expect
In
July

Bitcoin’s
price
action
in
June
definitely
surprised
many
investors.
Particularly,
the
digital
asset
declined
by
9.85%
in
June
to
reverse
an
11.07%
increase
in
May.
This
shows
the
volatile
nature
of
cryptocurrencies
and
reflects
Bitcoin’s
ups
and
downs
over
the
years.
Naturally,
this
has
led
to
more
cautious
strategies
by
traders
on
how
they
approach
their
Bitcoin
positions
in
the
new
month.

Related
Reading

At
the
time
of
writing,
Bitcoin
is
trading
at
$63,200
and
is
up
by
3%
in
the
past
24
hours.
If
history
were
to
repeat
itself,
Bitcoin
would
likely
see
a
rise
in
July.
As
noted
by
crypto
analyst
Ali
Martinez,
when
Bitcoin
has
had
a
negative
June,
it
tends
to
bounce
back
strongly
in
July.
In
fact,
negative
price
actions
in
June
have
preceded
an
average
return
of
7.98%
and
a
median
return
of
9.60%
in
July.
A
similar
price
action
could
see
Bitcoin
end
the
month
between
$68,000
and
$69,500.

 

Historically,
when

#Bitcoin
has
had
a
negative
June,
it
tends
to
bounce
back
strongly
in
July.
In
fact,

$BTC
has
shown
an
average
return
of
7.98%
and
a
median
return
of
9.60%
during
this
month.

pic.twitter.com/fJaIwc7Eob

—
Ali
(@ali_charts)

June
30,
2024

Go to Source
Author: Scott Matherson

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