Daily closes are volatile – the June 30th daily candle closed with a 5% pump within the space of one hourly candle before the July 1st open.
Within the space of four 15 min candles the Bitcoin bulls moved the price from just under $19,000 to approximately $20,000. Traders often warn of volatility near the time of the daily close – and monthly close in this case – especially for cryptocurrency assets.
The pump didn’t immediately reverse – is Bitcoin about to print a higher low and have a green July?
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Bitcoin Daily Close Time
Cryptos markets are open 24/7, 365 days a year and the Bitcoin daily close time is a minute after 23:59 UTC (midnight co-ordinated universal time).
Whatever time zone a trader is in the volatility around the daily close and daily open will take place at the same time – something to watch out for.
Most crypto exchanges make it possible to alter the timezone displayed under the chart as a way to see if a daily close is approaching.
Timezone under Bitcoin price chart
Bulls and bears battle to move the price and will often make a strong move around the daily close and daily open knowing that other traders will make decisions based on those closes – even if they are only arbitrary points in time.
In this case bulls were attempting to ‘save the daily’ and while they didn’t manage to flip the daily candle to green, they did print a long wick and the daily candlestick for June 30th wasn’t far off closing as a bullish hammer.
After that pump – a $1,000 move in minutes – Bitcoin has now put in a higher low on the daily timeframe above the June 18th crash to $17,600.
Buyers have stepped in and shown interest despite extreme fear, uncertainty and doubt (FUD) in the markets – such as potentially bearish news of FTX backing out of a deal to buy Celsius’ assets.
Is Bitcoin about to form a double bottom, or was that just a short squeeze? It will be interesting to see how the price action plays out in the first few days of July 2022.
Some will be waiting to see Bitcoin can break back and reclaim the $20,000 level. The Bitcoin daily close price (and June monthly close) was $19,942 on Binance against USDT.
Update – Bitcoin continued to the upside, pumping to almost $21,000 before retracing to just under $20,000, consolidating around $20k. Within the space of a few hours BTC spiked 12% liquidating around $100 million of short positions.
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