June has been a relatively uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with every break above or beneath this vary being fleeting.
One fascinating development seen all through the previous 4 weeks has been BTC’s propensity to set decrease highs, because it has been slowly grinding right down to the decrease finish of its well-established buying and selling vary.
This appears to point that it’ll shut its month-to-month candle within the coming few hours on a low word, disappointing bulls who have been hoping to see an in depth at, or above, $10,000.
There are actually a couple of elements that analysts are carefully observing for perception into the place the benchmark cryptocurrency might development following its upcoming month-to-month candle shut.
It does seem that July is positioned to be a risky month for BTC, as its June candle is ready to be one of many smallest seen in over a yr – pointing to the power of its current consolidation part.
Some high merchants anticipate this volatility to favor the crypto’s patrons.
Bitcoin’s Monthly Candle Close Shows Just How Intense Recent Consolidation Has Been
Between May 31st and June 1st, Bitcoin’s worth rallied from lows of $9,400 to highs of almost $10,400.
This marked the very best worth ranges the cryptocurrency noticed this month, as its worth started sliding decrease within the time since.
It is essential to notice that the decline from these highs was gradual and might largely be categorized as a sluggish grind decrease resulting from it getting into a number of consolidation phases alongside the way in which.
Bitcoin is now buying and selling inside the decrease finish of its well-established buying and selling vary between $9,000 and $10,000.
At the time of writing, Bitcoin is buying and selling down lower than 1% at its present worth of $9,150. This marks a slight rebound from current lows of $8,900 that have been set late final week.
The worth motion seen all through the previous month is about to trigger BTC to put up the tightest month-to-month candle it has seen in over a yr. This indicators that volatility could also be imminent.
“BTC – the month-to-month candle closes tomorrow, appears to be like like Bitcoin may have its tightest candle physique in over a yr,” one analyst defined.
Image Courtesy of Big Chonis. Chart by way of TradingView.
BTC Remains Well-Positioned to Rally Towards $13,000
As NewsBTC reported yesterday, Bitcoin at the moment has a serious liquidity pool sitting round $10,500. These ranges are typically visited by belongings sooner or later, and one analyst believes it is going to assist spark a BTC rally as much as $13,000.
“Macro BTC context: nonetheless assume we’re heading in the direction of $13Ok mid time period. Massive liquidity pool round 10.5k, worth tends to go to these ultimately,” one revered pseudonymous dealer defined.
Image Courtesy of SalsaTekila. Chart by way of TradingView.
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Charts from TradingView.