Bitcoin Price Ranging But Retail Interest High with Central Banks Vowing to Do More
After the sell-off in March, the Bitcoin price grew in the next two months only to struggle in June. The price movement is slow right now, making its way downwards. Starting the month at about $10,000, we are currently trading under $9,250, with 1.24% losses with just over $1 million “real” volume.
The price might be ranging with not much going on in the market, but retail interest is hitting new highs with now more than 3 million addresses holding at least 0.1 BTC.
Moreover, BTC's daily active addresses are once again reaching 1 million; this level was only seen twice before in the leading digital currency’s history. The current level was seen back in December when BTC was approaching $20,000 and in July last year when BTC price climbed from around $5,000 to $13,900.
On top of this, 60.8% of bitcoin circulating supply hasn’t moved in over a year while 42.9% in over 2 years. In over 3 years, 28.5% of bitcoin circulating supply hasn’t moved either.
Bitcoin’s market cap is still stuck around $170 billion, but the realized cap has hit a new all-time high at $106.63. Realized cap values each UTXO by the price when it was last moved.
This new peak has broken the previous record set just before the Block Thursday crash three months ago.
Support and Resistance
Bitcoin could soon see volatility yet again given that its sentiments on Twitter are still a net negative on prospects of its future price, which, according to Santiment, is generally “a bottom forming signal.”
Not to forget that 60% of all bitcoin options closing at $1 billion are also expiring next week.
Currently, bitcoin is consolidating with buyers expected to create support near the $9,000 range and sellers to provide resistance around $9,500.
A critical resistance level is present at $9,307 and $9,578, where more than 2.1 million addresses previously purchased 1.42 million BTC. As for the support levels, nearly 1 million addresses purchased a total of 559k BTC between $9,018 and $9,288 which is “expected to act as a strong support as holders in this range will attempt to remain profitable on their positions and push prices above this level,” said IntoThe Block.
In the meantime, this consolidation in a bullish configuration in the bull market could bring back a mini alt-season.
Central Banks are here to support
Moving forward, the US Federal Reserve’s dovishness that is helping the US stocks market could further fuel bitcoin. Just this Friday, Fed vice chair Richard Clarida said there is more the central bank can do to support the US economy and more they will do. He said,
“We’ve taken very aggressive, proactive actions. There’s more that we can do, I think there’s more that we will do.”
Meanwhile, Bank of Engal pumped another £100 billion into the UK economy as it believes the country could face its worst recession in 300 years. So far, it has printed up to £745 billion (nearly $920 billion).
“Debt records being shattered. UK is just the latest to report. Bank of England printing presses running full speed turning this new debt into currency to make UK gov’t appear solvent,” said James Turk, founder of GoldMoney who advised to buy physical gold to protect savings after the UK's public debt exceeded 100% of its GDP for the first time since 1963.