Bitcoin
Bitcoin volatility increases as traders brace for potential price swings
Bitcoin volatility increases as traders brace 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 past 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 low 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 followed a stunning 68% rise in the first quarter after the approval of spot Bitcoin ETFs sparked a rally to all-time highs of $73,750.
Michaël van de Poppe, founder and CEO of trading firm MNTradeing, suggested that the correction phase may be coming to an end, stating: “A pretty decent weekly candle for Bitcoin is approaching here. I would expect the fix to be relatively finished. We also didn’t get 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 hit $95,000 was premature. Reflecting on his previous predictions, he admitted: “I was wrong to set a local top of $75,000 in January because, first, BTC never hit $75,000 but instead reverted to $74,680 and, second, it only got there in March. I was wrong then and I am wrong now to predict BTC at $95,000.” Despite these missed targets, BitQuant remained confident that Bitcoin would eventually reach its price target.