Bitcoin (BTC) used its weekend volatility peak on June 26, when the BTC / USD price reached last week’s highest level.
BTC / USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView
“Unusual whaling” was noted
Cointelegraph Markets Pro and TradingView followed the largest cryptocurrency, reaching $ 21,868 in Bitstamp.
Just a few hours after the weekly closing, the rollback was then under $ 21,500, Bitcoin is still in line to close the first “green” weekly candle from May.
The event followed warnings that both upside and downside conditions in low-liquidity weekend trading could return. However, in-chain data captured what appeared to be Bitcoin’s purchase by the largest group of investors before the rise.
“Unusual whale activity was identified in Bitcoin,” said Game of Trades, a popular analytical resource.
“The supply of units with 1000-10000 BTC has just seen a huge increase in demand. Let’s see if the trend confirms.”
The chart by Glassnode, an in-house analytics firm, showed that it had risen significantly around the time BTC / USD hit a low of $ 17,600 this month.
BTC offer for units with 1,000-10,000 BTC annotated charts. Source: Games of Trades / Twitter
As Cointelegraph reported, whales eagerly bought BTC for less than $ 20,000, forming new support clusters.
The difference between CME futures is large
For others, however, conservative views on prices remained the norm.
Related: Bitcoin gives encouraging signs – check out these BTC price levels next
Cointelegraph collaborator Michaël van de Poppe predicted a final breakdown of $ 21,600 to secure a further rise. In addition, CME Group’s $ 21,100 closing price for Bitcoin futures last week could provide a short-term goal.
“Standard weekend counterfeits occur and are likely to end at CME for $ 21.1,000 for Bitcoin,” he predicted during the day.
“There is currently no clear breakthrough over $ 21.6,000.”
1-hour candle chart of CME Bitcoin futures. Source: TradingView
The monthly closure was still on track to confirm Bitcoin’s record worst June, with a monthly loss of almost 33%.
Together with May 2021, this would also be the worst performing month since the bottom of the bear market in 2018, according to data from the in-chain monitoring resource Coinglass.
Bitcoin monthly return graph (screenshot). Source: Coinglass
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