Analysis: Bitcoin Price Stabilizes, but Unlikely to Reach New Highs Before July
Analysis indicates that Bitcoin has rebounded by 10% since June 5, but the probability of reaching a new high before July is only 16%. On-chain data shows that open interest continues to decline, with clear signs of liquidation exhaustion, suggesting the market is “flushing out overleveraged long positions.” If the $108,000 resistance level is breached, BTC is expected to enter a price discovery phase. Analysts believe that the Federal Reserve maintaining interest rates and the MVRV returning to its average may be positive signals.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
No rate hike in October, another move in December? Fed's "slow rate hike" path against inflation emerges, all eyes on Waller's speech next week
The Federal Reserve is set to announce its latest interest rate decision next Wednesday. The market generally expects the central bank to keep the federal funds rate unchanged, which would signal its patience in combating inflation.
Crypto prices
More
