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Bitcoin (BTC) Price: Record June Close Faces Resistance as Whales Exit
The crypto market has witnessed a remarkable run in the month of June, with Bitcoin’s price closing at a record high. However, this impressive performance is now being met with resistance, as whales appear to be exiting their positions. This sudden change in whale behavior could have significant implications for the market and may result in a sharp pullback or correction.
Bitcoin’s new all-time monthly close of $107,100 has raised concerns that the asset faces strong resistance at $108,800. The cryptocurrency failed to break through this level on June 30th, ultimately closing lower at $107,135. This resistance zone has historically triggered sharp pullbacks in the past.
Despite this bearish setup, historical patterns offer some hope for July performance. According to data from the past decade, Bitcoin typically experiences a gain of around 9% during the month of July. It is essential for traders and investors to be aware of these trends and adjust their strategies accordingly.
The recent increase in short positions on major exchanges like Binance and OKX adds further bearish momentum. With this sentiment in mind, it may be advisable to reposition portfolios ahead of potential price movements.
Source: coincentral.com
