June has been a rather uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with each break above or below this range being fleeting.
One interesting trend seen throughout the past four weeks has been BTC’s propensity to set lower highs, as it has been slowly grinding down to the lower end of its well-established trading range.
This seems to indicate that it will close its monthly candle in the coming few hours on a low note, disappointing bulls who were hoping to see a close at, or above, $10,000.
There are now a few factors that analysts are closely observing for insight into where the benchmark cryptocurrency may trend following its upcoming monthly candle close.
It does appear that July is positioned to be a volatile month for BTC, as its June candle is set to be one of the smallest seen in over a year – pointing to the strength of its recent consolidation