Bitcoin
is currently moving within a falling channel a sustained bearish structure that began on May 22 when it hit a high of $ 112,000. After reaching this level, the price fell approx. 10% to about $ 100,000.
Then it made a lower high of $ 110,000 on June 10, which was followed by an approx. 10% correction, taking it slightly under $ 100,000 under market reactions tied to the US Iran conflict.
Per. June 30, Bitcoin reached about $ 109,000 before retiring about 3%, but has since risen to nearly $ 108,000. The recent dips appear to be lower.
During the latest dip there was a CME futures gap about $ 106,000, which was “filled” when Bitcoin dropped to about $ 105,000. A CME Gorge occurs when Chicago Mercantile Exchange closes for the weekend or overnight, and Bitcoin’s price moves significantly during this time, leaving a price range on the CME chart where no trade took place, which markets often tend to revise to “fill” the gap.
According to Glassnode data, Bitcoin’s withdrawal remains relatively low and the price is still acting over its 1-month realized price, which represents the average price investors paid over the past 30 days.
Over the last 24 hours, investors have an average cost basis of $ 105,600, while a week’s group is $ 106,300. These short-lived Proprietor Cohorts are still in profits, which supports Market Momentum, although continued profit recording could make it more challenging for Bitcoin to reach new high times.
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