Bitcoin experienced increased volatility on June 30, with traders anticipating notable price movements for BTC as the cryptocurrency approached significant weekly, monthly.
Bitcoin experienced increased volatility on June 30, with traders anticipating notable price movements for BTC as the cryptocurrency approached significant weekly, monthly, and quarterly candle closes. Bitcoin (BTC) reached highs of $63,712 over the past 24 hours, according to CoinMarketCap data. This came after BTC reclaimed the important $60,000 level, gaining 4.19% from $60,630 on June 30.
CoinGlass identified $60,583 as a key downside liquidity level, with significant bids extending toward $59,500. Overall, Bitcoin's performance in the second quarter saw the largest cryptocurrency decline by 11.9%, including a 7.1% loss in June alone. However, this followed a staggering 68% increase in the first quarter, after the approval of spot Bitcoin ETFs triggered a rally to all-time highs of $73,750.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, suggested that the correction phase might be nearing its end, stating, “A pretty decent weekly candle for Bitcoin is approaching here. I would expect the correction to be relatively over. We didn't get the most obvious deep corrections in previous cycles either.” Van de Poppe's analysis pointed to a bottom for BTC/USD around $56,500 in early May.
Meanwhile, trader BitQuant acknowledged that his prediction of BTC/USD hitting $95,000 soon was premature. Reflecting on his past predictions, he admitted, “I was wrong calling a local top at $75K in January because, first, BTC never reached $75K but reversed at $74,680, and second, it only got there in March. I was wrong then, and I’m wrong now predicting BTC at $95K.” Despite these missed targets, BitQuant maintained confidence that Bitcoin would eventually reach his target price.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
