3 key areas that traders pay attention to at the close of Bitcoin’s monthly market

Bitcoin (Bitcoin) Shuffle volatility It has been fully displayed throughout June, making traders confused and looking for the latest technical indicators or major news announcements, which may provide some hints for price movements.

As June draws to a close, traders are now focusing on BTC’s monthly closing price to determine whether the forward outlook tends to be long or short.

BTC/USDT 1-month chart. source: Transaction view

At the time of writing, Bitcoin price is still 47% away from its all-time high of $64,873, and analysts have mixed views on whether the bullish momentum will resume in the short term. As the market prepares to enter July, analysts have the following three points of view.

Bitcoin needs to maintain a support of $34,500

A survey of cryptocurrency Twitter revealed that many chart observers have identified $34,500 as a key price level that needs to be defended in order to establish a bull market case for Bitcoin to move forward.

According to Rekt Capital, an anonymous trader on Twitter, a closing price close to this level will put the market on a trajectory similar to the Bitcoin price pattern seen during the 2013 bull market, including all changes in the price breakout to the new -Set a new high later this year.

From this bullish perspective, the price of Bitcoin should soon continue the upward trend that began in late 2020. In theory, it will reach a record high in late 2021 or early 2022. According to Bitcoin stocks, it is expected to exceed 100,000. US dollars. Flow model.

Bitcoin inventory to flow model. source: Looking for bitcoin

Although the S2F model is widely accepted and trusted, Bitcoin’s recent price movements even made Plan B, the creator of the popular model, feel “uneasy” that BTC has recently fallen to the lower limit of the model.

Bearish signs

Although bull market advocates are looking for any signs to confirm the rise, the price action on June 30 caught the attention of another Twitter analyst named John Wick. According to analysts, a bearish top pattern can be seen in recent BTC charts.

According to Wick, Bitcoin now needs to remain at the support level of $34,000, otherwise the market may be in another longer sideways and range trading instead of just starting to move higher.

The following tweet from Twitter celebrity Nunya Bizniz also emphasized the bearish sentiment. He pointed out that BTC needs to close above $37,400 to avoid three consecutive months of decline, which historically indicates that there will be more declines in the future.

Signs of rising mood

Although the debate about a bullish or bearish future continues, there are several indicators that indicate that sentiment may rise in the hustle and bustle.

Twitter celebrity “Bitcoin Archive” pointed out that the gray-scale Bitcoin premium is close to zero, and the target Bitcoin ETF repurchase activity, as evidence that market sentiment is rising.

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On-chain analyst William Clement III also Post The chart below highlights the fact that long-term holders of BTC have been increasing their holdings since the end of May after the price of Bitcoin fell below $29,000.

The supply of Bitcoin held by long-term holders. source: Glass node

Clement said:

“Bitcoin is very cheap, and long-term holders of BTC know this. Since the first price drop at the end of May, they have increased their holdings by 741,363 BTC.

For a simplified explanation of the important levels that require attention, technical analyst and Bollinger Band creator John Bollinger simply stated that $41,000 and $31,000 are the key “logical levels” that need attention, and he also cited $35,000 to $36,000. The key support level to be monitored by the region.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.