Record Q2, monthly close next? 5 things to know in Bitcoin this week
Bitcoin is closing in on a key monthly and quarterly close, just shy of record highs. To achieve its highest-ever monthly close, BTC/USD needs to hold above $104,630. Despite volatility, the month has seen a promising 30% gain as it wraps up. A notable decrease in Bitcoin demand is a concern as reactivation of long-term holders' coins outpaces new buyers. Recent trading showed manipulative order book activities influencing prices while traders remain cautious. Economic factors include an anticipated nonfarm payroll report amid speculation over potential rate cuts by the Federal Reserve after increasing criticisms from political figures. Analysts suggest a critical demand deficit, warning that selling by seasoned holders signals a possible local price peak. Furthermore, historical analysis predicts Bitcoin may reach its bull market peak in just 2-3 months, as patterns suggest a volatile yet potentially rewarding future for investors. The market remains in a state of uncertainty with significant leverage at play.
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