When June has ended, Bitcoin has now managed to set a new record. According to a report from the well -known crypto analyst Rect Capital, the month Bitcoin completed his highest monthly closure ever in the history of Cryptocurrency. But even if this would usually be a quite hausse development for the digital assetThere are still some baisse -like factors that continue to threaten what otherwise should be a bull market.
This year’s Breakout Confirmation
The Bitcoin Prize, which completed June with the highest monthly closure ever, has led to a hausse confirmation for the price. This closure over $ 106,000 levels suggests that bulls have now placed their tents above the psychological level of $ 100,000.
Recting capital explains That while this monthly closure has confirmed a breakout, there is still some work for bulls. The most important thing here is the fact that the volume on the buy side remains low, and if the Bitcoin Prize is to completely break out of here, buyers must increase their game
Volume generally remain muted, which would explain why BTC Price has continued to trade in a sideways movement. Therefore, in order for there to be slightly larger price in the price, Bitcoin volume must start moving or risking a crash from here.
To put this into perspective, data from the Coinglass website Exhibitions The fact that BTC Daily Trading Volume had dropped by more than 60% during the last week in June. The month had topped as high as $ 146 billion on June 23 After the crash below $ 102,000. But as the price rose, the volume dropped, which led to a low end.
By June 29, daily trade volume had dropped as low as $ 22 billion, before they rose the next day to close on June 30 to $ 44.7 billion. This has emerged a worrying correlation, which shows that when the price has increased, the volume has dropped, which indicates it Investors become more and more careful The higher the bitcoin price goes.
If this low volume continues, Rect Capital sees some hausse -like movements in Bitcoin’s future. The first would be a re -examination of the interval high over $ 102,000 to catch more liquidity on the purchase side for another push. But if this level does not hold and the volume fails to retrieve in terms of purchase, there is still the risk of losing support and falling against $ 93,000.
In case of purchase The volume rises in the range highThen there is the possibility of an Uppshoot. With the Bitcoin Prize that is so close all the time, a 10% movement would put it at new peaks, especially if Bulls shows up to defend the support of $ 102,000.
Featured image from dall.e, chart from tradingview.com
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