Bitcoin
It is currently moving within the descending channel through a permanent bear structure that reached a high of $112,000 on May 22nd. After reaching this level, the price fell by about 10% to around $100,000.
It then hit a high high at $110,000 on June 10, followed by a revision of about 10%, falling just below $100,000 during market reactions related to the US-Iran conflict.
As of June 30, Bitcoin had reached around $109,000 before pulling back about 3%, but then recovered to nearly $108,000. The dip seems to be shallower these days.
In the latest DIP, the CME futures gap was around $106,000 and Bitcoin fell to around $105,000, making it “fulfilled.” The CME gap occurs when the Chicago Mercantile Exchange closes over the weekend or night, and Bitcoin prices move significantly during that time, leaving price ranges remaining on CME charts where no trades were made.
According to GlassNode data, Bitcoin’s pullbacks remain relatively shallow, with prices still trading above the month’s realised price, representing the average price investor paid over the past 30 days.
Over the past 24 hours, the average cost basis for investors is $105,600, with the group being $106,300 per week. While these short-term holder cohorts are still profitable and support market momentum, continued profits could make it even more difficult for Bitcoin to reach a new all-time high.
Read more: Bitcoin CME Futures Premium Slide, Suggesting to Desirate Institutional Appetite
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