Bitcoin Achieves Record Monthly Close Above $107,000
Bitcoin (BTC) closed June above $107,000, marking a record monthly close with a 2.5% gain. This performance lagged behind the euro's nearly 4% rise against the dollar, prompting some traders to favor euro-pegged stablecoins, which saw increased market values.
Key insights include:
- The U.S. dollar's decline suggests continued easy financial conditions.
- Profit-taking by long-term holders resulted in on-chain realized gains of $2.4 billion.
- BTC was trading at $106,500, down 0.6% over 24 hours. Other cryptocurrencies like XRP, DOGE, SOL, and ETH also saw declines.
- Germany's savings bank network will allow crypto trading for clients within a year.
- Institutional adoption remains strong, as seen with a recent major BTC purchase worth $531 million.
- Analysts maintain a bullish medium-term outlook despite caution due to historically weak Q3 performance.
In corporate developments, American Bitcoin raised $220 million to acquire Bitcoin and mining equipment. Analysts predict a 95% chance that the U.S. SEC will approve spot ETFs for LTC and XRP this year.
Market Movements
- BTC down 0.91% at $106,629.81
- ETH down 1.81% at $2,458.53
- CoinDesk 20 index down 2.37% at 3,010.77
- DXY down 0.47% at 96.42
- Gold futures up 1.49% at $3,357.10
- Silver futures up 1.81% at $36.50
Technical Analysis
- BTC fell 1% Monday, missing a breakout and forming a bearish outside day candle.
- This pattern signals potential renewed bearish trends.
Token Events
- July 2: REX-Osprey Solana Staking ETF shares expected to begin trading.
- Governance votes for GnosisDAO, Radiant DAO, and Arbitrum DAO are ongoing.
- Unlocks scheduled for SUI, ENA, IMX, APT, STRK, SEI, and ARB in July.
Stablecoin transaction volumes surpassed $4 trillion in June, indicating steady adoption despite BTC's price fluctuations.
Investors should remain vigilant due to the historical volatility associated with the upcoming quarter while monitoring macroeconomic indicators and institutional movements.