Bitcoin‘s volatility surged on June 30, with traders anticipating significant price movements.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached highs of $61,668 on Bitstamp, rebounding from lows of $59,950 the previous day, dipping below the crucial $60,000 mark.
This volatility raised concerns about the support for BTC prices.
“With bids under spot price and the candle close imminent, $500M+ in bids were briefly placed and open interest rose,” noted Daan Crypto Trades on X, highlighting shifts in order book liquidity.
He predicted unusual weekend price action due to the quarter-end, foreseeing “interesting moves” typical of this period.
CoinGlass data indicated $60,583 as a pivotal liquidity level, with bids extending towards $59,500. Conversely, liquidity increased as prices exceeded $61,600 during the day.
Despite a weekly decline of 2.6%, Michaël van de Poppe, CEO of MNTrading, expressed optimism, anticipating a favorable weekly candle for Bitcoin.
“The correction seems relatively complete,” he remarked, drawing comparisons with past cycles.
Q2 performance remained lackluster, with Bitcoin down by 13.8% overall, primarily driven by an 8.9% loss in June.
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Elsewhere, a prominent trader adjusted his BTC price predictions due to ongoing market sluggishness.
BitQuant, who previously forecasted Bitcoin hitting $95,000, admitted his predictions had not materialized as expected.
“I was wrong,” he conceded, reflecting on previous overestimations of Bitcoin’s peak prices.
Despite these setbacks, he affirmed his belief in Bitcoin’s long-term growth prospects.
In conclusion, Bitcoin’s recent volatility underscored uncertainties in the market, exacerbated by quarter-end dynamics.
Traders like Daan Crypto Trades and Michaël van de Poppe offered insights into shifting market dynamics and potential price movements, amidst broader reflections on Bitcoin’s performance and future prospects.
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