Bitcoin appears to be starting the week off on the right note, indicating the end of June’s correction. On-chain data and price history along with strategic transactions suggest a bullish month for Bitcoin. Even though Bitcoin has experienced some short-term fluctuations, investors still remain optimistic about the future of Bitcoin. Data shows that bids are up $500 million below the current spot price, and open interest is also on the rise, according to popular crypto analyst Daan.
Bitcoin Investors Bid $500 Million Below the Price
Bitcoin traded the most part of the weekend above $61,000. Bulls were fighting to keep the price from dropping below $60,000. Daan Crypto Trades shared a BTCUSDT graph on Facebook over the weekend. According to the chart, strategic investors are positioned below the level of the BTCUSDT to buy Bitcoin if the price drops below $50,000.
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Over the course of the weekend, this exciting strategy resulted in over $500,000,000 worth of buy prices ranging from over $60,500 down to under $58,500. These bids provide a strong foundation for buying pressure, which prevents prices from dropping much more. The intense levels of support make it unlikely that we will see the price fall below $60,000.
Daan Crypto Trades also pointed out that the Bitcoin open-interest had increased in a similar manner. CoinGlass’ latest data confirms this, showing a 3,11 percent increase in interest in various crypto exchanges during the last 24-hour period. Open interest is a measure of the amount of money that has entered the market. This indicates an optimistic, bullish sentiment among traders.
#Bitcoin Open interest is increasing and bids of $500M+ were made below the price.
We doubt we’ll see our normal weekend pricing action. There’s a fair amount of movement, relative to other markets.
End of quarter moves can be quite interesting. https://t.co/4rRSjZMGhz pic.twitter.com/7SJh6EYs7J
— Daan Crypto Trades (@DaanCrypto) June 29, 2024
What to Expect in July
Bitcoin’s performance in June surprised many investors. In particular, Bitcoin’s price fell by 9.85% to reverse a 11.07% rise in May. The volatility of cryptocurrency is evident in the ups-and-downs that Bitcoin has experienced over the past few years. This has naturally led traders to adopt more conservative strategies when it comes to their Bitcoin position in the new months.
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Bitcoin was trading at $63,200 as of the writing and has risen by 3% over the last 24 hours. In the event that history repeats itself, Bitcoin is likely to see an increase in July. According to crypto analyst Ali Martinez when Bitcoin had a bad June it usually bounces back in July. Negative price movements in June are often followed by a return average of 7.98% or a return median of 9.60%. Bitcoin’s price could finish the month anywhere between $68,000-$69,500.
When was the last time you did something like this? #Bitcoin If the market has had a bad June, then it will tend to rebound strongly in July. It’s true. $BTC The average monthly return was 7.98%, and the median returned 9.60%. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
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Source: www.newsbtc.com