Bitcoin Remains Below $110,000 Amid Shallow Pullbacks and CME Gap Filling
Bitcoin (BTC) continues to move within a descending channel, a bearish trend that began on May 22 after reaching $112,000. Key points include:
- Price fell approximately 10% to around $100,000 before making a lower high at $110,000 on June 10.
- Following the June 10 peak, another 10% correction occurred, dropping below $100,000 amid market reactions to the U.S.-Iran conflict.
- As of June 30, Bitcoin reached approximately $109,000 but pulled back about 3%, now trading near $108,000.
- The recent dips have been shallower, with a CME futures gap filled around $106,000 when prices dropped to about $105,000.
- Current data from Glassnode indicates that Bitcoin's pullbacks are shallow, with the price above its 1-month realized price.
- Average cost basis for investors in the last 24 hours is $105,600, and for the past week is $106,300, indicating short-term holders remain profitable.
- Ongoing profit-taking may hinder Bitcoin from achieving new all-time highs.