Bitcoin price hits 10-day high amid ‘massive surge’ in demand from Bitcoin whales

Bitcoin (bitcoin) took advantage of the weekend volatility on June 26 as the tightening sent BTC/USD to its highest level in more than a week.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Tagged “unusual whale activity”

data from Cointelegraph Market Pro and Transaction view Following the largest cryptocurrency hit $21,868 on Bitstamp.

Just hours from the weekly close before reversing below $21,500, Bitcoin is still on track to lock in its first “green” weekly candle since May.

event followed warn The ups and downs are likely to recur during low-liquidity weekend trading. Still, the on-chain data identified what Bitcoin’s largest investor base seemed to be buying ahead of its rally.

“Anomalous whale activity detected in Bitcoin,” popular analytics resource Game of Trades Observed.

“The supply held by entities with balances of 1k-10k BTC has just seen a huge surge in demand. Let’s see if the trend is confirmed.”

An accompanying chart from on-chain analytics firm Glassnode shows a notable rise since BTC/USD hit a low of $17,600 this month.

BTC supply held by entities with 1,000-10,000 BTC annotated charts.Source: Industry Gaming/Twitter

as Cointelegraph reportwhales eagerly bought BTC below $20,000, forming new clusters of support in the process.

CME futures gap looms

For others, however, a conservative view of price action remains the norm.

related: Bitcoin gives ‘encouraging signs’ – watch these BTC price levels next

Cointelegraph contributor Michaël van de Poppe sees the need for an eventual break above $21,600 to secure a chance for further gains. Additionally, last week’s close of CME Bitcoin futures at $21,100 may provide a short-term target.

“Standard weekend fakes are happening and could end with the CME closing at $211,000,” he said forecast the same day.

“There is no clear break above $21.6K yet.”

CME Bitcoin futures 1-hour candle. Source: TradingView

The monthly close remains on track to solidify Bitcoin’s worst June on record, with a monthly loss of nearly 33%.

Along with May 2021, it will also be the worst month since the bear market bottomed out in 2018, data from on-chain monitoring resources coin glass confirm.

Bitcoin monthly returns chart (screenshot). Source: Coinglass

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.