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.

Source: Glassnode

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.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,101.4364 change ~ -1.47%

Coin Market Cap

$167.67 Billion

24 Hour Volume

$3.96 Billion

24 Hour VWAP

$9.1 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin’s Latest Move Means Market Treating it as a “Risk-on Asset”

In the past two days, bitcoin finally saw some action. After being stuck in a rut for weeks, BTC/USD recorded slight greens to make...

IRS Criminal Investigation Division Wants to Track Privacy Coins, Layer-2, and Sidechains

It has been no secret that the top federal law enforcement agency under the U.S Department of Treasury, the Criminal Investigation Division (CI), is...

US Court Tosses Appeal in Child Exploitation Case; Accessing Coinbase Account Didn't Violate Fourth Amendment Rights

Richard Gratkowski, convicted of purchasing and receiving child pornography, and accessing websites with an intent to access child porn, was sentenced to 70 months...

Lebanon’s Fiat Currency, the Lira, Drops 50% of Its Value in 10 Days Due to Hyperinflation

Lebanon's financial crisis is only deepening with each passing day, as the country is engulfed in hyperinflation. An unofficial report suggested that the value of...

Bitcoin-based Startup Zap Opens Strike for Public Beta And Plans to Release Visa Rewards Card

Jack Mallers, Zap founder, revealed on Thursday that Zap’s Strike product, which enables individuals to receive Bitcoin in US dollar form through direct bank...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today