Bitcoin gained new momentum after the release of US macroeconomic data following the June 27 Wall Street opening. Data from TradingView showed a daily high of $62,323 on centralized crypto exchanges. Despite initial jobless claims coming in below expectations, US unemployment data failed to spark new inflation concerns in the crypto markets.
What’s Happening on the Bitcoin Front?
BTC/USD pair increased by 2.3% at the time of writing, and investors hoped this trend could continue to push selling liquidity above the spot price. Popular trader Daan Crypto Trades shared the following insights in an update on X:
“Most of the liquidity lies above after testing the lowest range at $59,000 and absorbing all the liquidity there. With the addition of this new supply surplus, the next few weeks will be an interesting battle.”
Another analyst, Jelle, noted that the selling pressure rhetoric from both the US and German governments in recent weeks has not been felt in the market, stating:
“Despite the US and German governments selling coins and Mt. Gox finally repaying creditors, Bitcoin’s low levels still seem to be holding.”
Daan Crypto Trades acknowledged another encouraging sign of net inflows into US spot Bitcoin exchange-traded funds for the second consecutive day. Data from sources, including UK-based investment firm Farside Investors, confirmed managing $21.4 million on June 26, following $31 million the previous day.
Notable Statements from Experts
Blockchain data analysis platform CryptoQuant contributor Axel Adler Jr questioned how long it might take for Bitcoin’s price to recover from its all-time highs in March. Comparing recent price movements to past years, he argued that Bitcoin is replicating behavior last seen at the end of 2019:
“The current market is very similar to the 2019-20 correction, making it the most likely scenario for this correction to last 5 months with a maximum drop of -46%.”
Adler added that everything could still change, with the process being disrupted by a buying pressure of 500,000 Bitcoins worth $31 billion:
“History does not repeat itself. An active buyback exceeding 500,000 Bitcoins could trigger the end.”
In a separate analysis, Adler noted an 18% drop in Bitcoin supply in profit, reflecting a general sense of pessimism among investors.
