Bitcoin (BTC) experienced increased volatility on June 30 as traders anticipated significant price movements. BTC/USD reached a high of $61,668 on Bitstamp, recovering from a dip below the crucial $60,000 level the day before. However, there was uncertainty regarding BTC price support. With the weekly, monthly, and quarterly candle close approaching, bids started appearing below the spot price. Popular trader Daan Crypto Trades noted that over $500 million in bids were placed below the price, although they were mostly pulled back. Open interest was also increasing. Monitoring resource CoinGlass indicated that $60,583 was the key downside liquidity level, with a cluster of bids extending toward $59,500. On the upside, liquidity increased as the price surpassed $61,600. Despite a 2.6% decline for the week, Michaël van de Poppe, the founder and CEO of trading firm MNTrading, remained optimistic about BTC’s performance. However, Q2 performance was weak, with Bitcoin recording a 13.8% decline and June alone responsible for 8.9% losses. In another development, a Bitcoin bull had to abandon his short-term BTC price target due to the cryptocurrency’s sluggish performance. BitQuant admitted that his prediction of BTC/USD reaching $95,000 was no longer likely. Nevertheless, he maintained that fundamentally nothing had changed, and Bitcoin would eventually reach its target. This article does not provide investment advice or recommendations and advises readers to conduct their own research before making any investment or trading decisions.
Bitcoin Price Surges Back to 615K Following Intriguing Triple Candle Close