Bitcoin June Roller Coaster: Why BTC Price Began to Jump

At the end of June, Bitcoin showed a noticeable drop and a certain rebound. What happened and what to expect, we will investigate in this review.

Why did the Bitcoin price fall and rise at the end of June

Over the past month, Bitcoin has shown two price peaks. The first was on June 11 ($9,938.75), and the second — on June 23 ($9,691.90). But after that, the price fell abruptly, reaching its minimum value in the last 30 days — $8,946.81 (June 27) (data from blockchain.com). At the same time, on a number of crypto exchanges, the minimum price even reached $8,840 .

In the recent review by NewsBTC, this situation is called compensation for its bull run. From March 13 to the present, this cryptocurrency has grown 1.5 times. As an explanation for such wobble, There is an that Bitcoin was correlated with the U.S. stock market, which was negatively influenced by four factors: BLM protests, rising unemployment, slower USD emission and the second wave of coronavirus. This close connection with stock factors is by Mati Greenspan (Quantum Economics). If you look at the you can see that the S&P 500 and the Dow Jones lost 2.59% and 2.72%.

Is it a bull or a bear market now: expert opinions and forecasts

As you can see, there is an impressive pool of orders for the purchase of Bitcoin in the range of $8,600 — $8,800.

1/ I am massively bullish on #Bitcoin, but I think the next big move is likely down.@glassnode just reported the largest $BTC transfer from miners to exchanges in over a year. pic.twitter.com/Uwj4hHveyx

- Cole Garner (@ColeGarnerBTC) June 24, 2020

On July 3, they posted an updated study , taking into account the movements of the course of the past week. The authors conclude that the last week fluctuations make the bull trend weaker in the short term. They note in the near future BTC will not be able to break through the resistance point of $10,000.

So what about Bitcoin volatility

$BTC Historical Volatility hitting March 2019, and November 2018 levels very soon. Last time we were at these levels we had a big breakouts into a multi week trend. pic.twitter.com/4s7TJoqYV5

- XC (@runtheirstops) July 3, 2020

Disclaimer

This review is purely informational and does not call for any action with cryptocurrencies.

Originally published at https://coinjoy.io.

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