Bitcoin price recap: June 2020

Bitcoin price headed for monthly close beneath key level despite increased hodling and reduced on-exchange reserves that point to a bullish signal for the top cryptocurrency

Bitcoin price has bounced between lows of $8,800 and highs of $10,450 in June, with traders looking for a monthly close above the $9,000 range.

The BTC/USD pair was exchanging hands at around $9,150 on major spot exchanges as of 06:54 UTC on this morning.

Yesterday, BTC/USD failed to rally higher following a lacklustre weekend. Thursday saw the top cryptocurrency’s price drop from highs of $9,600 to lows of $8,900. The rot came after the expiry of $1 billion worth of Bitcoin options on June 26 — the largest options expiry to date.

After touching highs of $9,260 in the past 48 hours, bulls have failed to propel prices higher as sellers thwarted efforts with a low of $9,012.

A monthly close below this key level has in the past preceded price rejections to new lows. A close below $9,300 could see a drop to lows of $8,100, as seen in May.

Bitcoin price recap: June 2020 1
Bitcoin trading chart on Coinbase for June. Source: TradingView

On-exchange reserves hit a 13-month low

The number of Bitcoin held on exchanges over the past month has dropped considerably, on-chain analysis platform Glassnode tweeted recently.

The behaviour is arguably indicative of the bullish sentiment around Bitcoin despite its current price struggles.

61% of the Bitcoin supply has not moved over the past year. The only other time this much Bitcoin stayed in wallet addresses was in the days leading up to the 2017 bull market that ended with BTC/USD hitting its all-time high of $20k.

Bitcoin price recap: June 2020 2
Percentage of Bitcoin supply active over the past year versus BTC/USD price. Source: Glassnode

Low volatility

Trading volume has reduced significantly over the past week and throughout the rest of June as shown on the chart. Historical data on CoinMarketCap shows that intraday volumes have dropped from around $35 billion worth of BTC/USD traded on June 1, to $16 billion in the past 24 hours.

The chart below by Skew shows that spot volume on Coinbase has fallen over the month.

Bitcoin price recap: June 2020 3
Chart showing Bitcoin spot volume on Coinbase in June. Source: Skew

Bitcoin’s drop to lows of $8,890 over the weekend quickly recovered, albeit with low volume. With the cryptocurrency’s volatility also hitting all-time lows over the month, BTC/USD is likely to remain vulnerable to downward moves. The trend will also likely be strengthened if the correlation to the stock market continues.

Bitcoin price recap: June 2020 4
Bitcoin charts showing correlation to S&P 500 and FTSE 100. Source: TradingView
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin56,673 0.53 % 0.88 % 1.86 %
Ethereum4,555.9 0.87 % 1.57 % 4.60 %
Binance Coin621.11 1.22 % 0.22 % 4.65 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana222.27 1.77 % 5.16 % 0.08 %
Cardano1.540 1.19 % 1.10 % 11.97 %
XRP0.9825 1.05 % 1.70 % 7.89 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 56,973.00
ethereum
Ethereum (ETH) $ 4,596.53
binance-coin
Binance Coin (BNB) $ 627.88
tether
Tether (USDT) $ 0.999549
solana
Solana (SOL) $ 226.15
cardano
Cardano (ADA) $ 1.56
xrp
XRP (XRP) $ 0.99155
polkadot
Polkadot (DOT) $ 36.90
usd-coin
USD Coin (USDC) $ 0.997752
dogecoin
Dogecoin (DOGE) $ 0.208471