Bitcoin Ends May with 11% Gain Amid Volatility: Whales Influence BTC's Trading Landscape
Summary:
Bitcoin (BTC) traded at $67,500 on June 1, after fluctuations cost traders a shot at major resistance. The crypto asset, unaffected at the monthly closing, had overcome its weekly lows that were attributed to concerns over a cryptocurrency exchange hack in Japan and aggressive market trading. The Personal Consumption Expenditures (PCE) index, signifying a tentative slowdown in inflation, failed to significantly improve market sentiments. Material Indicators attributed the BTC price volatility to actions of large-scale Bitcoin traders or "killer whales". The closing of May confirmed an 11% monthly gain in Bitcoin's value.
On June 1, Bitcoin (BTC) was trading at $67,500. Fluctuations in the last moments of BTC price movement cost bullish traders an opportunity at major resistance. BTC/USD showed little change at the close of the month, recuperating from the lows of the week. These were attributed to concerns surrounding a cryptocurrency exchange hack in Japan and some aggressive trading activities as the end of the month neared. The release of the Personal Consumption Expenditures (PCE) index, a measure of U.S. macroeconomic data, didn't significantly improve sentiments, although it exceeded predictions, indicating a slowdown in inflation. Skew, a notable trader, highlighted that the price had rolled back the pre PCE price action, primarily due to unwinding leading up to the event. Bitcoin later reversed at about $66,650, culminating in May's end with 11% monthly gains. Michaël van de Poppe, MNTrading's founder and CEO, described Bitcoin as consolidating well at this level. Trading platform Material Indicators attributed the price volatility to large-scale Bitcoin traders. These high-volume traders leveraged the market's liquidity towards the end of the month, causing an unsuccessful attempt to convert $69,000 to a support level. An analysis of BTC/USDT liquidity levels on Binance, a global exchange, and volumes from various big trader groups, referred to as "killer whale games", showed these movements. As with any investment, trading decisions involve risks, and individuals should conduct independent research before making any decisions.
Published At
6/1/2024 12:05:25 PM
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