The bitcoin price has had quite a volatile weekend, culminating in an upward move that almost took us to the $22,000 mark. Buying the dip currently seems to be a popular activity amongst the whales who are active in large numbers again.
Whales responsible for rebound?
The amount of bitcoin held by entities with a stack of 1,000 to 10,000 bitcoin has seen a huge spike. In April 2021, the whales started selling, and we have now reached the point where they have decided to do the opposite.
Unusual whale activity detected in #Bitcoin.
The supply held by entities with balance 1k-10k #BTC just saw a huge spike in demand.
Let’s watch if the trend confirms. pic.twitter.com/2dP69uXyBq
— Game of Trades (@GameofTrades_) June 25, 2022
The chart above from Glassnode shows that the amount of bitcoin held by these whales after the capitulation is even above the April 2021 level. It remains to be seen whether this is a temporary decision or misinformation, but it looks promising.
CME futures gap keeps bitcoin in check
Slightly less optimistic about the price is analyst, Michael van de Poppe, who deems it necessary for bitcoin to break through the $21,600 mark before we can look further up. However, last week’s closing price of CME futures was at $21,100, and it seems that the price wants to close that gap first before it can start another climb.
“It is standard that we see a fake breakout over the weekend only to end up back at last week’s CME close at $21,100,” said Michael van de Poppe.
Standard weekend fake-outs happening and probably ending at CME close at $21.1K for #Bitcoin.
No clear breakout above $21.6K at this point, yet.
— Michaël van de Poppe (@CryptoMichNL) June 26, 2022
For the month of June, we are still heading for a minor drama with a minus of around 33%. Only in 2013 did we come close to the havoc we are currently witnessing in June 2022 with a minus of 29.89 percent.
Together with May 2021, this would mark the worst month for bitcoin since the bottom of the bear market in 2018. In that regard, it is currently difficult to say that the picture looks optimistic for bitcoin.
