On June 26, Bitcoin (BTC) made the most of the weekend’s volatility by seeing BTC/USD reach its highest level in more than a week after being squeezed.
The largest cryptocurrency reached a price of $21,868 on Bitstamp, and data from Cointelegraph Markets Pro and TradingView tracked it during this time.
A reversal then set in under $21,500 just hours before the weekly close, with Bitcoin still on track to close out its first “green” weekly candle since May. This occurred just hours before the weekly close.
The occurrence came after a series of warnings that a return to volatile conditions, both up and down, was possible during low-liquidity weekend trading. Despite this, on-chain data confirmed what had appeared to be buying by Bitcoin’s largest-volume investor cohort just before the uptick.
A popular analytics resource known as Game of Trades made the observation that “unusual whale activity detected in Bitcoin.”
“The demand for the supply that is being held by entities with balances of 1,000 to 10,000 BTC just experienced a significant uptick. Let’s see if the trend continues, shall we?”
A chart that accompanied the article and was provided by the on-chain analytics company Glassnode showed a significant shift upward from the time that BTC/USD reached its monthly low of $17,600.
According to a report by Cointelegraph, whales had been eagerly purchasing BTC below $20,000, which resulted in the formation of new support clusters.
The monthly close appeared to be on track to make June 2018 Bitcoin’s worst June on record, with losses of almost 33 percent for the month.
According to information gathered from an on-chain monitoring resource called Coinglass, not only would this month have the worst performance since before the bear market bottom in 2018, but it would also tie with May 2021.