Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) upped volatility on June 30 as traders prepared for “interesting” BTC price moves.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/539ae3ef-97ea-4b91-8d48-a1f2685f24e9.png">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-bids-at-the-ready-below-60-000">Bitcoin bids at the ready below $60,000</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> followed BTC/USD as it hit intraday highs of $61,668 on Bitstamp.
The pair recovered from local lows of $59,950 the day prior, these marking a fresh dip below the key $60,000 mark <a href="https://cointelegraph.com/news/btc-price-support-below-60k-bitcoin-ignores-pce" rel="noopener noreferrer nofollow">amid a feeling of uncertainty</a> over BTC price support.
Now, bids were appearing under spot price with hours to go until the weekly, monthly and quarterly candle close.
“$500M+ in bids were placed below price (but mostly pulled) and open interest going up,” popular trader Daan Crypto Trades wrote in a <a href="https://x.com/DaanCrypto/status/1807050161098461205/photo/1" target="_blank" rel="noopener noreferrer nofollow">post on X</a> (formerly Twitter) covering order book liquidity shifts.
<blockquote>
 “Doubt we'll get our usual weekend price action as mentioned. Quite a lot of action relatively speaking. End of the quarter usually causes some interesting moves.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/c3333c8f-d116-4874-958a-891ee29b07f4.png">
 <figcaption style="text-align: center;">BTC/USDT order book data. Source: Daan Crypto Trades/X
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</figure>
The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a> showed $60,583 as the key downside liquidity level, with a cloud of bids extending toward $59,500.
Liquidity to the upside meanwhile shifted higher as price headed beyond $61,600 on the day.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/20337c8f-5e5b-4c7b-b013-7a49a6318af5.png">
 <figcaption style="text-align: center;">BTC liquidity heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Despite being down 2.6% week-to-date, meanwhile, Michaël van de Poppe, founder and CEO of trading firm MNTrading, was optimistic about price performance.
“A pretty decent weekly candle for Bitcoin is approaching here,” he <a href="https://x.com/CryptoMichNL/status/1807006106922721511" target="_blank" rel="noopener noreferrer nofollow">told</a> X followers.
<blockquote>
 “I would expect the correction to be relatively over. We didn't get the most obvious deep corrections in previous cycles either.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/9682be4c-844c-4044-bdcd-28f4b95c60cc.png">
 <figcaption style="text-align: center;">BTC/USD chart. Source:&nbsp;Michaël van de Poppe/X
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An accompanying chart put the bottom for BTC/USD during its trip to $56,500 at the start of May.
Q2 performance overall remained weak, however, with Bitcoin down 13.8%, with June responsible for 8.9% losses.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/24e41f1f-edc9-40bc-85df-782203f742fd.png">
 <figcaption style="text-align: center;">BTC/USD monthly returns (screenshot). Source: CoinGlass
 </figcaption>
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<h2 id="trader-delays-95-000-btc-price-bet">Trader delays $95,000 BTC price bet</h2>
Elsewhere, ongoing sluggish performance cost one Bitcoin bull his near-term BTC price target.
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-sell-pressure-weakening-btc-withdrawals" rel="noopener noreferrer nofollow">Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85%</a>
Acknowledging that the outcome was <a href="https://x.com/BitQua/status/1807061469475008956" target="_blank" rel="noopener noreferrer nofollow">no longer likely</a>, popular trader BitQuant called time on his expectations of BTC/USD <a href="https://cointelegraph.com/news/bitcoiner-called-pre-halving-predicts-95k-btc-price" rel="noopener noreferrer nofollow">imminently hitting $95,000</a>.
“I was wrong predicting Bitcoin's local top at $49K because Bitcoin reached $48,955, not $49K. 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,” he summarized.
BitQuant nonetheless argued that “nothing has changed” fundamentally, and that at some point, Bitcoin would climb to target.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/6794525d-f5a6-4620-9bae-92fe204e25f6.png">
 <figcaption style="text-align: center;">BTC/USD chart. Source: BitQuant/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price gets 'interesting' as triple candle close sees $61.5K return

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