Bitcoin price gets ‘interesting’ as triple candle close sees $61.5K return
2024.06.30 06:47
Bitcoin (BTC) upped volatility on June 30 as traders prepared for “interesting” BTC price moves.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin bids at the ready below $60,000
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit intraday highs of $61,668 on Bitstamp.
The pair recovered from local lows of $59,950 the day prior, these marking a fresh dip below the key $60,000 mark amid a feeling of uncertainty over BTC price support.
Now, bids were appearing under spot price with hours to go until the weekly, monthly and quarterly candle close.
“$500M+ in bids were placed below price (but mostly pulled) and open interest going up,” popular trader Daan Crypto Trades wrote in a post on X (formerly Twitter) covering order book liquidity shifts.
“Doubt we’ll get our usual weekend price action as mentioned. Quite a lot of action relatively speaking. End of the quarter usually causes some interesting moves.”
BTC/USDT order book data. Source: Daan Crypto Trades/X
The latest data from monitoring resource CoinGlass showed $60,583 as the key downside liquidity level, with a cloud of bids extending toward $59,500.
Liquidity to the upside meanwhile shifted higher as price headed beyond $61,600 on the day.
BTC liquidity heatmap (screenshot). Source: CoinGlass
Despite being down 2.6% week-to-date, meanwhile, Michaël van de Poppe, founder and CEO of trading firm MNTrading, was optimistic about price performance.
“A pretty decent weekly candle for Bitcoin is approaching here,” he told X followers.
“I would expect the correction to be relatively over. We didn’t get the most obvious deep corrections in previous cycles either.”
BTC/USD chart. Source: Michaël van de Poppe/X
An accompanying chart put the bottom for BTC/USD during its trip to $56,500 at the start of May.
Q2 performance overall remained weak, however, with Bitcoin down 13.8%, with June responsible for 8.9% losses.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Trader delays $95,000 BTC price bet
Elsewhere, ongoing sluggish performance cost one Bitcoin bull his near-term BTC price target.
Related: Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85%
Acknowledging that the outcome was no longer likely, popular trader BitQuant called time on his expectations of BTC/USD imminently hitting $95,000.
“I was wrong predicting Bitcoin’s local top at $49K because Bitcoin reached $48,955, not $49K. 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,” he summarized.
BitQuant nonetheless argued that “nothing has changed” fundamentally, and that at some point, Bitcoin would climb to target.
BTC/USD chart. Source: BitQuant/X
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.
