Key takeaways:
An end-of-month Bitcoin price close above $102,400 would set the highest monthly close ever, proving the bull market continues at a rapid pace.
Over $3 billion in Bitcoin short positions are vulnerable above $107,000, creating a “liquidation magnet” that could send BTC price to new highs.
Bitcoin (BTC) is 11 days from potentially setting its highest monthly candle close in history. After achieving a record weekly close of $106,407 on May 18, BTC could secure a new monthly high by closing above $102,400 this month.
Bitcoin 1-month chart. Source: Cointelegraph/TradingView
With respect to its current market trend, Bitcoin is inches away from a ‘price discovery’ period, as noted by crypto trader Jelle.
Price discovery in this context refers to the process where buyers and sellers interact at an undefined or non-traded range to determine the market price of an asset.
A break above Bitcoin’s all-time high of $110,000 would initiate a price