On June 30, Bitcoin (BTC) exhibited heightened volatility as traders anticipated substantial price movements leading up to significant weekly, monthly, and quarterly candle closures. According to CoinMarketCap data, BTC surged to highs of $63,712 within the past 24 hours, marking a 4.19% increase from $60,630 earlier in the day after reclaiming the critical $60,000 level.
CoinGlass identified $60,583 as a crucial downside liquidity level, with notable bids extending towards $59,500. Despite a challenging second quarter where Bitcoin saw an overall decline of 11.9%, including a 7.1% loss in June alone, the cryptocurrency had previously soared 68% in the first quarter, spurred by the approval of spot Bitcoin ETFs which drove prices to all-time highs of $73,750.
Michaël van de Poppe, founder and CEO of MNTrading, suggested that Bitcoin’s correction phase might be nearing its conclusion, remarking, “A fairly strong weekly candle for Bitcoin is approaching here. I anticipate the correction to be largely over. Previous cycles didn’t see the most pronounced deep corrections either.” Van de Poppe’s analysis pointed to a potential bottom for BTC/USD around $56,500 in early May.
Meanwhile, trader BitQuant reflected on his earlier predictions, acknowledging, “I was premature in predicting BTC/USD hitting $95,000 soon. I was wrong in calling a local top at $75K in January as BTC never reached that level but peaked at $74,680 in March.” Despite these past discrepancies, BitQuant maintained optimism about Bitcoin reaching his target price in due course.
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