Bitcoin
Bitcoin volatility increases as traders brace for potential price swings
Bitcoin Volatility Rises as Traders Prepare for Potential Price Swings
Bitcoin experienced heightened volatility on June 30, with traders anticipating notable price movements for BTC as the cryptocurrency neared significant weekly, monthly, and quarterly candle closes. Bitcoin (BTC) reached highs of $63,712 in the last 24 hours, according to data from CoinMarketCap. 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 bearish liquidity level, with significant bids extending to $59,500. Overall, Bitcoin’s Q2 performance saw the cryptocurrency’s biggest decline at 11.9%, including a 7.1% loss in June alone. However, this came after an impressive 68% surge in Q1 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 company MNTrading, suggested that the correction phase may be coming to an end, stating: “A pretty decent weekly candle for Bitcoin is coming up here. I would expect the correction to be relatively over. We also haven’t had the more obvious deep corrections in previous cycles.” Van de Poppe’s analysis pointed to a bottom for BTC/USD around $56,500 in early May.
Meanwhile, BitQuant trader recognized that his prediction that BTC/USD would soon reach $95,000 was premature. Reflecting on his previous predictions, he admitted: “I was wrong to set a local top of $75K in January because, first, BTC never reached $75K but reversed to $74,680, and second, it only got there. in March. I was wrong then and now I am wrong in predicting BTC at $95K.” Despite these missed targets, BitQuant remained confident that Bitcoin would eventually reach its target price.