Bitcoin (BTC) hit $31,000 on June 25 for the third time this year 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 action centered on yearly highs.
BTC price remained strong over the weekend as attention focused on geopolitical events in Russia and surrounding states.
As tensions eased that day, curiosity remained as to how markets would react at the June 26 open, with the weekly candle close – already a classic source of volatility – taking precedence.
In a recent analysis, popular trader Rekt Capital called the “most optimistic scenario” for the week a close above the crucial $30,000 mark.
“BTC rejected the $30,000 resistance in mid-April. Let’s see if $BTC can convert $30,000 into support,” read another post added over the weekend.
Crypto trader Tony remains hopeful of another surge to $32,000 if Bitcoin successfully consolidates near $31,000.
A little less confident, Michaël van de Poppe, founder and CEO of trading firm Eight, questioned the bulls’ ability to sustain the upward momentum.
“Bitcoin made a nice high and broke the yearly high,” he told his Twitter followers.
“I’m not sure we’ll continue from here, but on uptrends you’ll most likely see continuation of price advances rather than deep corrections. If we have a correction I’ll buy $28,500.”
Van de Poppe reiterated a popular downside target among market participants looking to “buy” the drop below $30,000.
Annotated BTC/USD chart. Source: Michael van de Poppe/Twitter
Bitcoin records keep falling
Despite cooling off in volatility against the US dollar, Bitcoin managed to set new records in three countries this week.
Related: Bitcoin’s ‘parabolic advance’ means BTC price to hit all-time high in 2023 – traders
In Argentina, Venezuela and Lebanon, BTC hit all-time highs against the local currency.
For these countries, this trend has continued in 2023 as inflation and macroeconomic policy decisions are rapidly eroding purchasing power.
In Turkey, where the lira fell to fresh lows against the dollar, BTC/TRY approached its blow-off top area as of December 2021.
BTC/TRY 1 week chart. Source: TradingView
Magazine: Gary Gensler’s Job in Jeopardy, BlackRock’s First Spot Bitcoin ETF and Other News: Hodler’s Digest, 11-17 May June
This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.