Bitcoin prices fluctuated slightly, but on-chain indicators were positive, and central banks said they would take more action -

After a massive sell-off in March, Bitcoin prices rose in the following two months but struggled in June. Currently, price movement is slow and has retreated.

The price of Bitcoin, which started the month at around $10,000, is currently trading below $9,312. The price may not move much in the market, but retail investor interest is hitting new highs, with more than 3 million addresses holding at least 0.1 Bitcoin.

Additionally, Bitcoin’s daily active addresses once again reached 1 million; a level that has only occurred twice in the history of the leading digital currency. The current level dates back to December 2017 when BTC approached $20,000, and last July when the BTC price climbed from around $5,000 to $13,900.

In addition to this, 60.8% of Bitcoin’s circulating supply has not moved in over a year, while 42.9% of Bitcoin’s circulating supply has not moved in over two years. 28.5% of Bitcoin’s circulating supply has not moved in over three years.

BTC supply not moving Source: Glassnode

Bitcoin's market cap remains stuck around $170 billion, but realized market cap has reached a new all-time high of $106.63 billion. Realized market cap values ​​UTXOs (unspent transaction outputs) based on their price when they last moved. The new peak breaks the previous record set three months ago before Thursday's stock market crash.

Support and resistance levels

Bitcoin may soon see volatility again, as its sentiment on Twitter remains completely negative for the prospects of its future price. Don’t forget that 60% of all Bitcoin options closing at $1 billion will also expire next week.

Currently, Bitcoin is consolidating with buyers expected to form support near $9,000 and sellers forming resistance around $9,500.

Key resistance levels are $9,307 and $9,578, where 2.1 million addresses previously bought 1.42 million BTC. As for support, nearly 1 million addresses bought 559,000 BTC between $9,018 and $9,288. “It is expected to act as strong support as holders in this range will try to keep their positions profitable and push the price above this level,” IntoThe Block, a cryptocurrency analytics platform, reported.

Central banks are taking active action

Meanwhile, the Federal Reserve’s (FED) dovish stance helps U.S. stocks, which could also push Bitcoin higher. Just this Friday, Fed Vice Chairman Richard Clarida said the central bank could do more to support the U.S. economy, and they will do more.

"We've taken very proactive action," he said. "There's still a lot more we can do, and I think there's still a lot more we can do."

Meanwhile, the Bank of England has pumped another £100 billion into the UK economy as it believes the country could face its worst recession in 300 years. So far, it has printed £745 billion (nearly $920 billion).

"Debt records are being broken. The UK is the latest country to release a report. The Bank of England's printing press is running at full speed to convert new debt into currency, which also makes the UK government look insolvent." James Turk, founder of GoldMoney, recommends that the public buy physical gold to deal with the UK's public debt exceeding 100% of GDP, which is the first time since 1963. (Baijiahao)