Bitcoin (BTC) Price Analysis As Crypto Market Recovers Mid-June
As the crypto market strives to regain stability, various factors have influenced Bitcoin price performance in June. Bitcoin generated more than a 3% bearish candle this week and reached long-term support in the $25,100 area. Analysts reported here have taken key indicators such as the SOPR, Short-Term Holder Cost-Basis, and price regions to allow investors to navigate Bitcoin’s price trends effectively.
Bitcoin (BTC) Price Trends
Market Intelligence platform Santiment shared its latest insight highlighting the rise in BTC whale transactions and the contrasting responses to Blackrock and SEC lawsuits. Additionally, concerns regarding being altcoin heavy have been prominent, with multiple FUD-causing stories emerging.
At the same time, Glassnode’s analysis reveals that while Bitcoin’s SOPR resides in a profit-driven regime, recent undercuts pose a test to the prevailing trend. Market participants, on average, are transacting at a loss, indicating potential weakness if the profit-driven regime isn’t reclaimed. They tweeted:
The current undercuts suggests market participants are on aggregate, transacting at a loss. Failure to reclaim the profit driven regime could suggest further market weakness, whilst reclamation of the trend would infer market strength.
Notably, the Short-Term Holder Cost-Basis at $26.4K has anchored recent price volatility, serving as a crucial level in determining the direction and momentum of the local trend.
Bitcoin (BTC) Price Analysis:
Another popular analyst CrediBULL Crypto suggests that Bitcoin’s recent performance is positive, as it tags the first red region and demonstrates strength. However, a small pullback in the upper green region may occur, and failure to hold this level could bring the lower green region into play. The depth of this correction will provide insights into the potential strength of the ongoing impulsive move on lower timeframes.
Bitcoin’s current price stands at $26,515.22, reflecting a 0.31% increase in the past hour, a 4.14% increase over the past 24 hours, and a 3.11% increase over the past week.
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All the long term bullish trend persists, over the past 24 hours, Bitcoin has experienced a range between a low of $25,245.36 and a high of $26,769.39.