Bitcoin is approaching a potentially record monthly close, raising interest and concern among traders and analysts.
BTC Price Volatility Ramps Up
On June 29, Bitcoin reached a level on track for its highest weekly close above $109,000. Although this ultimately failed, the trading range continued to hold, as confirmed by data from Cointelegraph and TradingView.
An Unusual Monthly Close for Bitcoin
The June and Q2 close also holds significance. If Bitcoin can maintain a price of $104,630, it could seal its highest monthly close ever. Traders are confident that July could serve as a launchpad for new successes.
Critical Demand Deficit and Its Consequences
Long-term holders of Bitcoin are raising concerns as the reactivation of dormant coins exceeds demand from new buyers. This leads to a 'critical demand deficit' that could pressurize Bitcoin's price.
The situation in the Bitcoin market remains tense, and the coming weeks could prove crucial for its price dynamics.
