BTC prices broke over the $35,000 level without hurdles in the first crypto session in June. However, with the recent price behaviors, Bitcoin bulls have an enormous task to reclaim the $40K price levels.
As the cryptocurrency market was in turmoil, BTC continued to have it hard in the market, experiencing resistance over regulatory and environmental concerns. The attacks weakened the coin’s upward trend. Since April mid, the leading cryptocurrency’s value has declined by over 40%.
Recent Glassnode data indicates that the BTC market has three supply bearings for now: BTC Miners accumulating, Long Term HODLing, and Near Term Holders distributing. With that, you can conclude that the BTC space is a battleground for both bears and bulls at the moment.
Crypto analysts suggest the world’s favorite coin might take longer to recover to its ‘normal’ after the May 19 worst selloff. Keep in mind that the selloff printed the biggest bearish candle in BTC’s history, with an $11,506 intra-day price.
The dramatic declines saw crypto investors have sleepless nights, given that the disturbance came when BTC had the best bullish run. Remember, some investors liquidated their position to enjoy record-high profits.
The best thing is that the selloff did not prompt long-term investors to make panic sell. They preferred to hold their positions throughout the dip.
Investors with long-term goals can still enjoy BTC gains. For instance, using annual time frames indicates that digital coins have better returns than other traditional investments.
Another thing promoting BTC’s investor accumulation is the Glassnode data declaring that BTC Exchange withdrawals declined to 2,079.524, a five-month low. Keep in mind that the prominent crypto coin witnessed its previous 2,079.899 5-month low on December 31 last year.
Investors remain alert on BTC’s anticipated uptrend, considering the rising inflation affecting traditional markets. Keep in mind that summer is usually the season for bulls, meaning optimism can come in place. However, the recent price movements indicate unpredictability in the Bitcoin market.
England’s apex bank Andrew Bailey had recently warned investors against over-exposure in the cryptocurrency investment. He said that the virtual coin lack intrinsic value. That means the risk of losing your investment.