The bullish momentum that pushed Bitcoin's closing on Sunday $450 higher than the previous weekend finally halted the decline in the price of the cryptocurrency for nine consecutive weeks and closed the first "green" week.
But while many are rejoicing at the recovery of Bitcoin, which has exceeded the price level of $31,400, Bitcoin holders, judging by the order books on the exchanges, are waiting for the stated price for sales to say goodbye to their hodlings. Only on the Binance exchange at the level of about 32 thousand dollars, a $60 million liquidity sale was announced.
In difficult macroeconomic conditions, when global trade and economic ties are collapsing in the fire of the Russian-Ukrainian war, undermining the entire world economic system, the ranks of investors working with risky assets are increasingly thinning.
Inflation in the US, which has reached a 40-year high, continues to impoverish the population. The release of the consumer price index in the US this week is likely to traditionally cause volatility in all markets, including outside the US.
The reduction of the Fed's balance sheet, announced on June 1, entails the withdrawal of liquidity from the markets, which will affect both stock and cryptocurrency markets. The era of "easy money" poured into circulation under the influence of Covid 19 is coming to an end.
Recently, Bitcoin network researchers have noted the capitulation of long-term cryptocurrency holders, but this did not concern miners. However, the miners' safety margin seems to be running out too. The surrender of miners will necessarily affect the speed and security of the Bitcoin network and will be a lowering factor for the price.
At the same time, the structure of cryptocurrency holders, as noted by the research company Santiment, is changing in favor of mega-whales, which have more than 1,000 BTC on their balance.
Against the background of all external conditions, technical analysts see potential resistance to the bullish impulse at the level of 34 thousand dollars, which Bitcoin is unlikely to overcome. In addition, large pools of sellers are concentrated in the range of 36 - 40 thousand dollars. So this week's takeoff for the cryptocurrency may be short.
In fact, the world is moving towards an uncertain future. During this race, powerful market forces, anticipating the collapse of the old system, are trying to determine and win their market share.
Bitcoin continues to increase its technological value and capitalization in anticipation of the future, which is already predetermined for it.