Bitcoin (BTC) made the most of the volatility over the weekend on June 26, as the BTC/USD pair hit its highest level in over a week.
A marked “unusual whale activity”
Data from Cointelegraph Markets Pro and TradingView tracked the largest cryptocurrency as it hit $21,868 on Bitstamp.
Within hours of the weekly close, a pullback below $21,500 occurred, with Bitcoin still in line to seal its first “green” weekly candle since May.
The event followed warnings that volatility conditions, both up and down, could return over the weekend of low liquidity. Nonetheless, on-chain data pegged what appeared to be a buy by Bitcoin’s largest-volume cohort of investors before the rally.
“Unusual Bitcoin Whale Activity Detected”, I observe the popular Game of Trades analysis resource.
“Supply held by entities with a balance of 1k-10k BTC has just seen a huge surge in demand. Let’s see if the trend is confirmed.”
An accompanying chart from on-chain analytics firm Glassnode showed a marked turnaround from when the BTC/USD pair hit lows of $17,600 this month.
As Cointelegraph reported, whales had eagerly bought BTC below $20,000, forming new support groups in the process.
CME futures gap looms over the market
For others, however, conservative views on price action remained the norm.
Cointelegraph contributor, Michaël van de Poppe, pointed out the need to definitively break the USD 21,600 to ensure the possibilities of further increases. Additionally, last week’s closing price of $21,100 in CME Group Bitcoin futures could provide a short-term target.
“The standard weekend of fake moves is happening and will probably end at the CME close at $21,100 for Bitcoin,” forecast on day.
“There is still no clear breakout above $21,600 at the moment.”
The monthly close was still on track to cement Bitcoin’s worst June on record with monthly losses of almost 33%.
Along with May 2021, this would also be the worst performing month since before the bottom of the 2018 bear market, data from on-chain monitoring resource Coinglass confirms.
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