Bitcoin Volatility Surges as Traders Brace for Potential Price Swings

Bitcoin Volatility Surges as Traders Brace for Potential Price Swings

Bitcoin experienced increased volatility on June 30, with traders anticipating notable price movements for BTC because the cryptocurrency approached significant weekly, monthly, and quarterly candle closes. Bitcoin (BTC) reached highs of $63,712 over the past 24 hours, based on CoinMarketCap data. This got here after BTC reclaimed the vital $60,000 level, gaining 4.19% from $60,630 on June 30.

CoinGlass identified $60,583 as a key downside liquidity level, with significant bids extending toward $59,500. Overall, Bitcoin’s performance within the second quarter saw the most important cryptocurrency decline by 11.9%, including a 7.1% loss in June alone. Nonetheless, this followed a staggering 68% increase in the primary quarter, 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 firm MNTrading, suggested that the correction phase is likely to be nearing its end, stating, “A fairly decent weekly candle for Bitcoin is approaching here. I might expect the correction to be relatively over. We didn’t get probably the most obvious deep corrections in previous cycles either.” Van de Poppe’s evaluation pointed to a bottom for BTC/USD around $56,500 in early May.

Meanwhile, trader BitQuant acknowledged that his prediction of BTC/USD hitting $95,000 soon was premature. Reflecting on his past predictions, he admitted, “I used to be unsuitable calling a neighborhood top at $75K in January because, first, BTC never reached $75K but reversed at $74,680, and second, it only got there in March. I used to be unsuitable then, and I’m unsuitable now predicting BTC at $95K.” Despite these missed targets, BitQuant maintained confidence that Bitcoin would eventually reach his goal price.

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