Bitcoin
is currently moving inside a descending channel of an ongoing bearish structure that began on May 22, when it hit a high $ 112,000. After reaching this level, the price dropped by about 10% to $ 100,000.
It then made a lower one at $ 110,000 on June 10, followed by an approximately 10% correction, taking it a little below $ 100,000 during market reactions tied to Contrary to the US-Iran.
Until June 30, Bitcoin reached $ 109,000 before pulling nearly 3%, but from nearly $ 108,000. Recent dips appear to be getting shallow.
During the latest sinking, there is a CME futures gap Around $ 106,000, “filled” as Bitcoin dropped nearly $ 105,000. A CME gap occurs when the Chicago Mercantile Exchange closes for the weekend or overnight and the Bitcoin price moves significantly at that time, leaving a price range on the CME chart where no trade has taken place, with the markets often tend to revisit to “fill” the gap.
According to Glassnode dataBitcoin’s pullbacks remain relatively shallow and the price is still exchanged above the 1-month realized price, representing the average price of investors in the last 30 days.
In the past 24 hours, investors have an average cost basis of $ 105,600, while a week -long group seated at $ 106,300. Short -term holding cohorts are still in revenue, supporting market momentum, though continued Getting the income It can make it harder for Bitcoin to reach new hours high.
Read more: The Bitcoin CME Futures Premium Slides, suggests an abstinence in institutional appetite
