As bulls aim to regain lost ground while heading to all-time highs, Bitcoin starts Q3 2024 with a significant surge. With the weekly, monthly, and quarterly totals seeing the $60,000 support holding, Bitcoin’s price strength temporarily returns. As of the time of writing, Bitcoin gained 4% in 24 hours, but it still has work to do to continue the bull market.
What’s Happening on the Bitcoin Front?
A series of gains at the end of June helped Bitcoin achieve a promising close above $62,500 weekly, monthly, and quarterly. According to data from TradingView, the BTC/USD pair reached local highs of $63,724 on centralized exchanges before consolidating in a decline.
Figures from data analysis platform CoinGlass confirmed a 7% loss in June, with Bitcoin ending Q2 with a total decline of 12%. Looking ahead, market participants remain cautious, with much room for sentiment improvement.
According to Keith Alan, co-founder of the trade source Material Indicators, Bitcoin has made a nice rise from low levels but currently lacks the momentum for bulls to close above the 21-Week Moving Average.
Warning from a Famous Name
Meanwhile, popular investor Daan Crypto Trades highlights the large gap in CME Group Bitcoin futures opened thanks to the weekend’s rise. Starting at $60,400, this now represents the largest gap we’ve had in a long time:
“The gap below can be closed, but as we speak, the price is quite far, so don’t give it too much value. If the market wants to escape, weekend moves/gaps are a perfect time to do so. We’ve seen such gaps form before and never close or close months/years later.”
Meanwhile, a look at order book liquidity shows that prices have seen multiple liquidity hunts until July, with $64,100 currently being a significant area of interest.
