Bitcoin
A persistent bearish structure that began on May 22, when it reached a maximum of $ 112,000 is currently moving inside a descending channel. After reaching this level, the price fell around 10% to around $ 100,000.
Then it reached a lower maximum at $ 110,000 on June 10, which was followed by a correction of approximately 10%, taking it slightly below $ 100,000 during market reactions linked to the conflict between the United States and Iran.
As of June 30, Bitcoin reached around $ 109,000 before removing approximately 3%, but since then it has been recovered to almost $ 108,000. Recent falls seem to be less and less deep.
During the last sauce, there was a CME futures gap around $ 106,000, which was “filled” since Bitcoin fell to around $ 105,000. A CME gap occurs when the Chicago Mercantile Exchange closes for the weekend or during the night and the price of Bitcoin moves significantly during that time, leaving a price range in the CME table where there were no operations, which markets often tend to visit “fill” the void.
According to Glassnode data, Bitcoin setbacks remain relatively shallow and the price is still quoted above its price of 1 month, which represents the average price that investors paid in the last 30 days.
In the last 24 hours, investors have an average cost of $ 105,600, while the one -week group is at $ 106,300. These short -term holders cohorts still have profits, which supports the impulse of the market, although the continuous gain taking could make it more difficult for Bitcoin to reach new historical maximums.
Read more: Bitcoin CME Futures Premium Slides, suggests a diminishing institutional appetite
