{"id":287881,"date":"2021-06-30T22:51:25","date_gmt":"2021-06-30T19:51:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs\/"},"modified":"2021-06-30T22:51:25","modified_gmt":"2021-06-30T19:51:25","slug":"3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs\/","title":{"rendered":"# 3 key areas traders are watching as Bitcoin\u2019s monthly close occurs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d5fbfc909d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d5fbfc909d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs\/#Bitcoin_needs_to_hold_the_34500_support\" >Bitcoin needs to hold the $34,500\u00a0support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs\/#Signs_of_a_bearish_breakdown\" >Signs of a bearish breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-key-areas-traders-are-watching-as-bitcoins-monthly-close-occurs\/#Signs_of_rising_sentiment\" >Signs of rising sentiment<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 key areas traders are watching as Bitcoin\u2019s monthly close occurs <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin&#8217;s (BTC)\u00a0whipsaw volatility has been on full display throughout June,\u00a0leaving traders confused and in search of the latest technical indicator or major <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> announcement that might provide some hint at which way the price will move.\u00a0<\/p>\n<p>As the month of June comes toward an end, traders are now focused BTC&#8217;s on the monthly close to determine if the forward outlook is tilted toward bulls or bears.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/3cf859cb-47c6-4559-baaa-3fb491b4cf22.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-month chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>At the time of writing, Bitcoin price is still 47% away from its all-time high at $64,873 and analysts have a mixed view on whether or not the bullish momentum will return in the short term. Here are three perspectives analysts have in mind as the market prepares to head into the month of July. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_needs_to_hold_the_34500_support\"><\/span>Bitcoin needs to hold the $34,500\u00a0support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A survey of crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> shows that many chart watchers have identified $34,500 as a crucial price level that needs to be defended to establish the bull case for Bitcoin moving forward. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So far, this current period in the 2021 cycle is very similar to the 2013 mid-cycle correction<\/p>\n<p>A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> Monthly Candle Close above ~$34500 would mean that BTC will continue to respect historical Mid-Cycle tendencies<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1410240172986408960?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Rekt Capital, a\u00a0pseudonymous trader on Twitter, a close near this level would put the market on a similar trajectory to the BItcoin price pattern seen during the 2013 bull market which included a mid-cycle correction before price broke out to a new all-time high later in the year. <\/p>\n<p>From this bullish perspective, the price of Bitcoin should soon continue the uptrend that began in late 2020 and will theoretically lead to a new all-time high later in 2021 or early 2022 which is projected to surpass $100,000 according to the Bitcoin stock-to-flow model. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/37565785-3542-4129-9d04-2c7538086fe7.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin stock-to-flow model. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.lookintobitcoin.com\/charts\/stock-to-flow-model\/\"><em>Lookintobitcoin<\/em><\/a><\/figcaption><\/figure>\n<p>Despite the widespread acceptance and faith in the S2F model, Bitcoin&#8217;s recent price action led even Plan B, the creator of the popular model, to feel \u201cuneasy\u201d about BTC&#8217;s most recent dip to the lower bound of the model. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Even for me it is always a bit uneasy when bitcoin price is at the lower bound of the stock-to-flow model. Will it hold (like Mar 2019 when I published S2F, or Mar 2020 Covid, or Sep 2020 with BTC stuck at $10K) and is this another buying opportunity? Or will S2F be invalidated? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/iIjTC2Ncy3\">pic.twitter.com\/iIjTC2Ncy3<\/a><\/p>\n<p>\u2014 PlanB (@100trillionUSD) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1407620265475989506?ref_src=twsrc%5Etfw\">June 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Signs_of_a_bearish_breakdown\"><\/span>Signs of a bearish breakdown<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While bull market advocates look for any sign to validate a move higher, the price action on June 30 caught the eye of another pseudonymous Twitter analyst called John Wick. According to the analyst, there is a bearish topping pattern that can be se in the most recent BTC chart. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> (4h update)<\/p>\n<p>Just as we were getting off to a good start, a topping signal printed &amp; confirmed. Had confluence from Bearish RSI cross + Bearish Thrust<\/p>\n<p>Lets see if we can hold $34k support. If not we are still range bound. Getting above upper $36k &amp; $41k are the resistances <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/RZ4IAGoi16\">pic.twitter.com\/RZ4IAGoi16<\/a><\/p>\n<p>\u2014 John Wick (@ZeroHedge_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/1410262467012399111?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Wick, Bitcoin now needs to hold support at $34,000 or the market could be in for another extended period of sideways, range-bound trading rather than a fledgling move higher. <\/p>\n<p>Bearish sentiments were also highlighted in the following tweet from the Twitter personality Nunya Bizniz, who points out that BTC would need to close above $37,400 to avoid three consecutive down months, which has historically indicated more downside in the future. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BTC monthly:<\/p>\n<p>Month closes tomorrow.<\/p>\n<p>A close above $37.4K would avoid 3 consecutive down months.<\/p>\n<p>Three down months have marked more down side.<\/p>\n<p>What h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens?<\/p>\n<p>Note: Green boxes = sort term bounce <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/aj1IWuGXXe\">pic.twitter.com\/aj1IWuGXXe<\/a><\/p>\n<p>\u2014 Nunya Bizniz (@Pladizow) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pladizow\/status\/1409871281424642050?ref_src=twsrc%5Etfw\">June 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Signs_of_rising_sentiment\"><\/span>Signs of rising sentiment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the debate about a bullish or bearish future rages on, there are several indicators pointing to the possibility of rising sentiment amid the noise.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Grayscale <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> premium is returning to zero.   <\/p>\n<p>Purpose <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF is buying again. <\/p>\n<p>Market sentiment seems to be recovering  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/CmztgqHPvE\">pic.twitter.com\/CmztgqHPvE<\/a><\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1410210929942405124?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Twitter personality &#8216;Bitcoin Archive&#8217; pointed to the Grayscale Bitcoin premium approaching zero and renewed buying activity by the Purpose Bitcoin ETF as evidence that sentiment is on the rise. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>NYDIG set to bring Bitcoin adoption to 650 US banks and credit unions<\/em><\/strong><\/p>\n<p>On-chain analyst William Clemente III also\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1409547365862854665\">posted<\/a> the following chart to highlight the fact that long-term BTC holders have been accumulating since late May after the price of Bitcoin bottomed out below $29,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/ef30996c-369f-44b9-9c85-e3f838e3b750.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin supply held by long-term holders. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1409547365862854665\/photo\/1\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>Clemente said:<\/p>\n<blockquote><p> \u201cBitcoin is cheap and Long-Term BTC Holders know it. They&#8217;ve added 741,363 BTC to their holdings since the initial price drawdown in late May.<\/p><\/blockquote>\n<p>For a simplified explanation of important levels to keep an eye on, John Bollinger, a technical analyst and creator of Bollinger Bands,\u00a0 simply said that $41,000 and $31,000 are the key &#8220;logical levels&#8221; to watch and he also cited the $35,000 to $36,000 zone as crucial support levels to monitor.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">These are the logical levels I am watching for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24btcusd&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$btcusd<\/a><br \/>41,000<br \/>35\/36,000<br \/>31,000<br \/>So far they have been important milestones.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><\/p>\n<p>\u2014 John Bollinger (@bbands) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bbands\/status\/1410286092343861248?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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