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Bitcoin

3 Key Areas Traders Watch As Bitcoin Closes Monthly Close

June 30, 2021 - Around 5 mins mins to read

Bitcoin’s (BTC) volatility was seen in its entirety in June, confusing traders and looking for the latest technical indicator or an important news item that may give some clues as to how the price will perform.

Towards the end of June, traders are now focusing on BTC towards the end of the month to determine whether the future outlook favors the bulls or the bears.

3 Key Areas Traders Watch As Bitcoin Closes The Month Of July
BTC / USDT 1 month chart. Source: TradingView

At the time of writing, Bitcoin price is 47 percent away from its all-time high of $ 64,873, and analysts have mixed views on whether upside momentum will return in the short term. Here are three scenarios for analysts to watch as the market prepares to enter July.

Bitcoin must hold the support level of $ 34,500

A poll on Crypto Twitter shows that many chart watchers have identified $ 34,500 as an important price level that needs to be defended in order to establish a bullish case for Bitcoin in the future.

According to Rekt Capital, a trader by the nickname on Twitter, a closing price near this level would put the market on a similar track to the Bitcoin price pattern during the 2013 bull market, including a correction high – the year-end high.

From this bullish perspective, Bitcoin price will soon resume the uptrend that began in late 2020 and should theoretically lead to an all-time high in late 2021 or early 2022 that is expected to exceed $ 100,000 according to Bitcoin inventory flow patterns.

3 Key Areas Traders Watch As Bitcoin Closes In September
Bitcoin’s stock-to-flow model. Source: Search Intobitcoin

Despite widespread adoption and belief in the S2F model, Bitcoin’s recent price action has even made Plan B, the creator of the popular model, “uncomfortable” with BTC’s recent drop to the lower bound of the model .

Signs of a drop in prices

While the bulls searched for signs that would confirm an upward move, the price action caught the attention of another Twitter analyst, nicknamed John Wick, on June 30th. According to the analyst, there is a possible bearish topping pattern in the most recent BTC chart.

Bitcoin now needs to hold support at $ 34,000, according to Wick, or the market could be in range-bound sideways trading instead of an incipient upward movement for another extended period of time.

The negative sentiment was also highlighted in the following tweet from Twitter personality Nunya Bizniz, who stated that BTC would need to close above $ 37,400 to avoid three straight months of declines, suggesting there would be more declines in the future .

Signs of increased affection

While the debate about the future is hot and fierce, there are a number of indicators that point to increased sentimental potential amid the noise.

The Twitter personality “Bitcoin Archive” has pointed out that the Bitcoin Grayscale premiums are approaching zero and the renewed buying activity of the Purpose Bitcoin ETF as proof that the mood is growing.

Connected: NYDIG plans to bring Bitcoin to 650 US banks and credit unions

The online analyst William Clemente III Posted The chart below highlights the fact that long-term BTC holders have been piling up since late May after Bitcoin price fell below $ 29,000.

3 Key Areas Traders Watch As Bitcoin Closes In November
The Bitcoin offering is held by long-term owners. Source: Glass knot

Clemens says:

“Bitcoin is cheap and long term BTC owners know it. They have added 741,363 BTC to their holdings since the first drop in late May.

To simply explain the main levels to watch, John Bollinger, a technical analyst and creator of the Bollinger Bands, simply says that $ 41,000 and $ 31,000 are the main “reasonable levels,” and he also names the $ 35,000 to $ 36,000 zone as the an important support to look at.

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.

Bitcoin

3 Key Areas Traders Watch As Bitcoin Closes Monthly Close

Bitcoin’s (BTC) volatility was seen in its entirety in June, confusing traders and looking for the latest technical indicator or an important news item that may give some clues as to how the price will perform.

Towards the end of June, traders are now focusing on BTC towards the end of the month to determine whether the future outlook favors the bulls or the bears.

3 Key Areas Traders Watch As Bitcoin Closes The Month Of July
BTC / USDT 1 month chart. Source: TradingView

At the time of writing, Bitcoin price is 47 percent away from its all-time high of $ 64,873, and analysts have mixed views on whether upside momentum will return in the short term. Here are three scenarios for analysts to watch as the market prepares to enter July.

Bitcoin must hold the support level of $ 34,500

A poll on Crypto Twitter shows that many chart watchers have identified $ 34,500 as an important price level that needs to be defended in order to establish a bullish case for Bitcoin in the future.

According to Rekt Capital, a trader by the nickname on Twitter, a closing price near this level would put the market on a similar track to the Bitcoin price pattern during the 2013 bull market, including a correction high – the year-end high.

From this bullish perspective, Bitcoin price will soon resume the uptrend that began in late 2020 and should theoretically lead to an all-time high in late 2021 or early 2022 that is expected to exceed $ 100,000 according to Bitcoin inventory flow patterns.

3 Key Areas Traders Watch As Bitcoin Closes In September
Bitcoin’s stock-to-flow model. Source: Search Intobitcoin

Despite widespread adoption and belief in the S2F model, Bitcoin’s recent price action has even made Plan B, the creator of the popular model, “uncomfortable” with BTC’s recent drop to the lower bound of the model .

Signs of a drop in prices

While the bulls searched for signs that would confirm an upward move, the price action caught the attention of another Twitter analyst, nicknamed John Wick, on June 30th. According to the analyst, there is a possible bearish topping pattern in the most recent BTC chart.

Bitcoin now needs to hold support at $ 34,000, according to Wick, or the market could be in range-bound sideways trading instead of an incipient upward movement for another extended period of time.

The negative sentiment was also highlighted in the following tweet from Twitter personality Nunya Bizniz, who stated that BTC would need to close above $ 37,400 to avoid three straight months of declines, suggesting there would be more declines in the future .

Signs of increased affection

While the debate about the future is hot and fierce, there are a number of indicators that point to increased sentimental potential amid the noise.

The Twitter personality “Bitcoin Archive” has pointed out that the Bitcoin Grayscale premiums are approaching zero and the renewed buying activity of the Purpose Bitcoin ETF as proof that the mood is growing.

Connected: NYDIG plans to bring Bitcoin to 650 US banks and credit unions

The online analyst William Clemente III Posted The chart below highlights the fact that long-term BTC holders have been piling up since late May after Bitcoin price fell below $ 29,000.

3 Key Areas Traders Watch As Bitcoin Closes In November
The Bitcoin offering is held by long-term owners. Source: Glass knot

Clemens says:

“Bitcoin is cheap and long term BTC owners know it. They have added 741,363 BTC to their holdings since the first drop in late May.

To simply explain the main levels to watch, John Bollinger, a technical analyst and creator of the Bollinger Bands, simply says that $ 41,000 and $ 31,000 are the main “reasonable levels,” and he also names the $ 35,000 to $ 36,000 zone as the an important support to look at.

.

.

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