Bitcoin Volatility Heightens as Q2 Ends; Traders Delay $95K Forecast
Summary:
Bitcoin's volatility increased on June 30, with traders expecting significant price fluctuations. After recovering from a drop below $60,000, Bitcoin peaked at $61,668, triggering a shift in order book liquidity. Traders remain optimistic despite a continuous down performance in Q2. Forecasts for Bitcoin reaching $95,000 were delayed amid the sluggish trend, but fundamental factors remain unaltered, keeping the confidence in Bitcoin's growth intact.
On June 30, Bitcoin's (BTC) turbulence escalated as traders anticipated swings in the cryptocurrency's price. BTC/USD peaked at intraday highs of $61,668 on Bitstamp after recovering from the previous day's local lows of $59,950, according to Cointelegraph Markets Pro and TradingView analytics. The $60,000 benchmark was broken again amid concerns about Bitcoin's price support foundation.
As the end of the candle close week, month, and quarter draws near, bids started appearing beneath the actual price. Crypto analyst Daan Crypto Trades reported a significant shift in order book liquidity and an increase in open interest on social media platform X, originally known as Twitter. He noted that over $500 million in bids were under the spot price, suggesting the weekend trend might be different than usual.
Trading analytics platform CoinGlass identifies $60,583 as the critical downside liquidity level, with bids reaching down to $59,500. Liquidity saw an increase as Bitcoin's price broke through $61,600.
Despite a 2.6% drop in value for the week, MNTrading's Founder and CEO, Michaël van de Poppe, remained hopeful for Bitcoin's track. He suggested that the cryptocurrency's price correction is likely at an end and that deeper corrections in previous cycles aren't always obvious.
Throughout Q2, Bitcoin's performance continued subpar, with a 13.8% decrease and 8.9% drop in June alone. Nonetheless, one bold Bitcoin trader postponed his prediction for Bitcoin reaching a price tag of $95,000 due to the current sluggishness. BitQuant confessed his previous price predictions weren't accurate but maintained that Bitcoin would ultimately reach targeted levels, noting the fundamental factors remain unchanged. This article does not provide investment guidance or suggestions. Every investment or trading decision entails risks, and individuals should do their due diligence before making a decision.
Published At
6/30/2024 1:05:02 PM
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