Bitcoin (BTC) is starting the second week of June firmly within its established trading range, but investors anticipate a breakout is coming. The market participants are preparing for some dramatic shifts, and the signs increasingly point to volatility resurfacing. However, with little by way of macroeconomic triggers expected this week, attention is shifting elsewhere for cues as to what BTC price action might do in the short term. The on-chain analysis of Bitcoin provides interesting insights, reinforcing the idea that for Bitcoin currently, the only ‘boring’ part is the spot price. Meanwhile, the US dollar continues to rebound since the start of May, which could present a potential headwind for Bitcoin and crypto. While most investors remain risk-off on Bitcoin since May, the largest class of Bitcoin “whales” continues to accumulate more positions, while everyone else reduces their exposure.
‘$31K was not the end’ — 5 things to know in Bitcoin this week
