Bitcoin (BTC) has seen its price cooled off in recent times as the combined crypto market enters a defined consolidation phase as it enters the new week. At the time of writing, Bitcoin is priced at $27,199.63 after inking a marginal loss of 0.42% at the time of this writing. With current performance and outlook, the premier digital currency has sustained an equally bearish outlook for the week with a 0.37% loss.
Amidst the bearish outlook, Bitcoin has showcased a very defined accumulation level according to evidence gleaned from on-chain data. Sharing his insights, crypto analyst @Ali_Charts showed that the digital currency is experiencing an intense accumulation around the $26,360 and $27,160 price levels respectively.
According to the data presented, a total of 2.36 million addresses purchased a total of 1 million BTC within this range. The accumulation is notably recent and we may soon begin to see the impact in the price of the cryptocurrency moving forward.
Bitcoin traded at a low of $25,878.43 and with the broad uncertainties that was presented to the market over the past month, it failed to breach the resistance point above $30,000. With the effect and impact of the supply scarcity the recent accumulation is bound to introduce, we may see the digital currency soar beyond its current monthly high of $29,820.13.
Bitcoin Price and Fundamental Support
There is an expectation that the price of Bitcoin will maintain a more defined growth path this month based on different protocol fundamentals.
First, relief was sent into the market as the projected 30% tax on Bitcoin mining in the debt ceiling bill was blocked. This offers significant leverage to investors who had already been withdrawing from injecting cash into the coin and the industry because of the unfavorable laws.
A crucial sentiment that can significantly boost price growth for Bitcoin this month is its forthcoming halving event. While this halving will not come until April next year, the closer Litecoin Halving might kickstart an early bullish buyup of the Bitcoin as well. Though the expectations for impressive price growth in June is high, the real rally for this year is projected to begin by October, according to Arthur Hayes.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
