Key Points
- A strange kind of weekend volatility played out in Bitcoin’s price action.
- BTC touched a day’s high at $61,668 on June 30th.
- Strong support was indicated by significant bids below $60,000.
- As the quarterly close approaches, traders expect “interesting” moves
Bitcoin made a notable price surge reaching its highest daily value of $61,668 on June 30th thus this weekend is going to be very volatile before the weekly, monthly, and quarterly candles shut.
This movement attracted attention from bitcoin traders and market watchers because it is rare for weekends to have this much activity.
After the recent bear trap low at around $59,950, BTC/USD regained the psychological threshold of $60k amidst a hesitant market sentiment. In essence, this was an indication that Bitcoin had found a footing on which to build its next upward swing over the short term.
Beneath The Mark Of $60000 Lies A Bid For BTC
This move came as bids were seen under Bitcoin spot prices particularly below $60k as revealed by Cointelegraph Markets Pro via TradingView data.
Beta tester Daan Crypto Trades noted that even though over half a billion in bids had been entered they had mostly been removed.
The heightened interest in the market and the likelihood of unusual price activities were signaled here.
CoinGlass specifically identified downside liquidity at roughly $60,583 with bids extending toward the $59,500 level.
On the other hand, as Bitcoin approached the mark of $61.6 K or so-called increased liquidity which indicates how dynamic markets can react to recent changes in prices.
#Bitcoin price gets ‘interesting’ as triple candle close sees $61.5K return#Finance #BTC #crypto #cryptocurrency #cryptonews #coinbase #cryptocurrencynews #BINANCE #financialfreedom #crypto_trading #BitcoinPrice #cryptonewstoday pic.twitter.com/dDfLTvsaHp
— Crypto Connection (@CCrypto_247) June 30, 2024
Market Review and Anticipation
After declining by 2.6% week-to-date Michaël van de Poppe MNTrading founder and CEO has maintained his bullish sentiment on the price of BTC.
Specifically, he told his followers on X (formerly Twitter) that this pull-back indicated that correction might be coming to an end as Bitcoin’s recent moves did not imitate the deep declines seen in earlier cycles.
He then suggested that a “good weekly candle” could be expected on Bitcoin based on ongoing market dynamics.
A review of BTC/USD’s journey indicates that at the beginning of May 2021, it dropped to $56,500 which was its lowest point during the recent fall.
However, performance in Q2 was poor since Bitcoin lost 13.8% whereas June accounted for 8.9% of those losses.
Modifying Target for a $95k BTC
Several short-term forecasts have been revised by certain investors given how bitcoin is currently behaving in the markets.
This includes BitQuant who is well-known for his trading skills and who has acknowledged that there are fewer chances of Bitcoin hitting its $95k target any time soon.
Despite previous errors in calling local tops, he still thinks long-term bullishness will prevail, ultimately taking Bitcoin where it ought to be.
BitQuant’s musings thus highlight how difficult it can become to accurately predict what are just choppy and range-bound price movements over very short periods.
However, it is worth noting herein many participants strongly believe in long-term future potential for Bitcoin which is still unknown.
While Bitcoin weathers this storm of volatility, the market is poised for major moves, especially as quarterly close approaches.
These developments will therefore be closely watched by traders and investors as they look out for any signs pointing towards new phases in Bitcoins’ price direction ahead.
