Bitcoin (BTC) tapped $31,000 for a third time this year on June 25 as the weekly close promised volatility.
BTC/USD 1-hour chart. Source: TradingView BTC price challenges $31,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price movements focusing on yearly highs.
BTC price remained strong over the weekend as attention focused on geopolitical events in Russia and surrounding states.
With tensions lessening on the day, curiosity over markets’ reactions at the June 26 open remained, with the weekly candle close — already a classic source of volatility — coming first.
In a recent analysis, popular trader Rekt Capital put the “most bullish scenario” for the weekly close above the pivotal $30,000 mark.
#BTC has broken the multi-month downtrend (blue)But if $BTC performs a Weekly Close like this - a new downtrend may form (black)This could be the beginning of a new patternLots can change before JulyMost bullish scenario -> Weekly Close above ~$30,000#Crypto #Bitcoin pic.twitter.com/i9rdXCdymb
— Rekt Capital (@rektcapital) June 22, 2023
“BTC in mid-April rejected from $30,000 resistance. Let’s see if $BTC can turn $30,000 into support,” a further post added over the weekend.
Fellow trader Crypto Tony stayed hopeful for a trip to $32,000 next, should Bitcoin successfully consolidate near $31,000.
$BTC / $USD - Update If Bitcoin can consolidate around these highs at $31,000, then a burst up to $32,000 will be no problem I believe in the bulls pic.twitter.com/lOl7AQ6RIl
— Crypto Tony (@CryptoTony__) June 25, 2023
A slightly less confident Michaël van de Poppe, founder and CEO of trading firm Eight, called into question bulls’ ability to keep upside momentum going.
“Bitcoin made a nice high, through which it swept the yearly high,” he told Twitter followers.
“I’m unsure whether we’ll continue running from here, but during uptrends you’ll most likely see price continuing to run rather than have deep corrections. If we have a correction, $28,500 I buy.”
Van de Poppe repeated a popular downside target among market participants eager to “buy the dip” below $30,000.
BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter Bitcoin records keep tumbling
Despite the cool-off in volatility against the U.S. dollar, Bitcoin did manage to set new records in three countries this week.
In Argentina, Venezuela and Lebanon, BTC hit its highest-ever levels against the local currency.
For those countries, that trend has continued throughout 2023 as inflation and macroeconomic policy choices quickly erode purchasing power.
In Turkey, where the lira plunged to new lows against the dollar, BTC/TRY neared the area of its blow-off top from December 2021.
BTC/TRY 1-week chart. Source: TradingView
Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
