Bitcoin Makes its Highest Monthly Close in History at $104,486, Will Next Month See a Higher Close?

• Bitcoin makes its highest monthly close in history at $104,486. 
• With Bitcoin expected to set higher highs, higher closes are expected. 
• Will the month of June experience a higher monthly close?

The crypto market was holding steady at the $110,000 price range just a few days before a sudden price decline shocked the market. After over $345 million liquidated in under an hour, the price of BTC continued to decline to the $103,000 price level. Despite this, the crypto community was happy to watch as Bitcoin makes its highest monthly close in history. Now, analysts hope to see the next few monthly closes be much higher and set new records. 

Bitcoin Makes its Highest Monthly Close in History

The price of Bitcoin BTC has been recovering very well over the last couple of weeks. In detail, the price of Bitcoin went from $110,000, a price close to its previous ATH record set at $111,000, to $106,000 due to a liquidation of over $345 million. Soon after this, the crypto market saw a massive outflow in BTC ETF, which led to a further decline to the $103,000 price range.

In response, the Bitcoin Crypto and Fear Index, which was at a score in the early 70s showing ‘Greed’ sentiment, fell suddenly to a score of 50, showing a fall to the ‘Neutral’ sentiment . This perfectly mirrors what happened to the price of Bitcoin in the last couple of days before the month of May came to an end. However, it seems the May end close was still quite bullish. 

As we can see from the post above, Bitcoin closed May with the highest monthly close in history at $104,486. This shows that despite the sudden decline in prices, Bitcoin continued to show resilience and went on to set the highest monthly close so far. Thus, proving that the crypto market is still very much in a bullish state. Another sign that proves this point is the fact that Bitcoin exchange reserves are setting new lows every day. 

BTC Exchange Reserves Continue to Decline

To highlight, just yesterday, Bitcoin exchange reserves had set a new low, and once again, as we can see in the post above, Bitcoin exchange reserves have set another new low, showing that the pioneer crypto asset is heading towards a big supply shock. The post says that outflow signals are strong, and accumulation by holders and institutions is growing exponentially by the hour. 

Responses to this phenomenon are simple. Bitcoin will eventually run out as it is a limited resource, this means accumulation now is crucial, as one day there will be no more Bitcoin left to buy. Many analysts predicted a BTC supply shock for this bull cycle, and it seems that this is playing out exactly as expected. With Bitcoin expected to set higher highs in the coming days, demand for Bitcoin will only continue to increase.