Bitcoin saw increased volatility on June 30, with traders expecting notable price movements for BTC as the important weekly, monthly, and quarterly close candles approach. Bitcoin (BTC) Bitcoin hit a high of $63,712 in the past 24 hours, according to data from CoinMarketCap. This came after bitcoin 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 as high as $59,500. Overall, Bitcoin’s performance in Q2 saw the largest cryptocurrency decline of 11.9%, including a 7.1% loss in June alone. However, this follows a staggering 68% increase in Q1, after the approval of Bitcoin spot ETFs sparked a rally to all-time highs of $73,750.
Michaël van de Poppe, founder and CEO of trading company MNTrading, suggested that the correction phase could be about to end, stating: “A pretty decent weekly candle for Bitcoin is approaching here. I expect the correction to be relatively complete. We also haven’t had the more obvious deep corrections of previous cycles. » Van de Poppe’s analysis indicated a bottom for BTC/USD around $56,500 in early May.
Meanwhile, trader BitQuant recognized that his prediction that BTC/USD would soon reach $95,000 was premature. Reflecting on his past predictions, he admitted: “I was wrong to announce a local high at $75,000 in January because, firstly, BTC never reached $75,000 but reversed to 74 $680, and secondly, it only got there in March. I was wrong then, and I’m wrong now in predicting that BTC would hit $95,000. » Despite these missed targets, BitQuant maintained its confidence that Bitcoin would eventually reach its target price.
