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 as the cryptocurrency approached significant weekly, monthly, and quarterly candle closes. Bitcoin (BTC) reached highs of $63,712 over the past 24 hours, according to CoinMarketCap data. 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 downside liquidity level, with significant bids extending toward $59,500. Overall, Bitcoin's performance in the second quarter saw the largest cryptocurrency decline by 11.9%, including a 7.1% loss in June alone. However, this followed a staggering 68% increase in the first 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 might be nearing its end, stating, “A pretty decent weekly candle for Bitcoin is approaching here. I would expect the correction to be relatively over. We didn't get the most obvious deep corrections in previous cycles either.” Van de Poppe's analysis 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 was wrong calling a local 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 was wrong then, and I’m wrong now predicting BTC at $95K.” Despite these missed targets, BitQuant maintained confidence that Bitcoin would eventually reach his target price.