Bitcoin's price has topped its 10-day highs

Whales appear to be dipping their toes in the water, new data show, but analysts remain cautious about the medium term. On June 26, Bitcoin (BTC) made the most of Friday’s volatility as a squeeze sent BTC/USD to its highest level in nearly a week.

Just hours before the weekly close, a reversal set in under $21,500 on Bitstamp, with Bitcoin still poised to seal its first “green” weekly candle since May.

On October 19, analysts with Celsius Group issued a report about the potential for a decline in Bitcoin prices. The event followed warnings that hazardous conditions both up and down might reappear during low-liquidity weekend trading. On-chain data, on the other hand, proved that Bitcoin’s largest investor group had purchased prior to the rally.

According to on-chain analytics firm Glassnode, the amount of Bitcoin money flowing through exchanges has significantly increased over the last few weeks, when bitcoin prices fell to as low as $17,600.

Whales purchased Bitcoin below $20,000 eagerly, establishing new support clusters in the process, according to Cointelegraph.

For others, however, conservative price action beliefs remained the norm. In order to guarantee the potential of further advance, Michaël van de Poppe suggested that we must definitely break $21,600. Last week’s closing price of $21,100 on CME Group’s Bitcoin futures may provide a short-term objective as well.

The monthly close was on track to cement Bitcoin’s worst June in history, with losses of almost 33 percent. This would also be the worst-performing month since before the 2018 bear market bottom, according to Coinglass data.

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