Bitcoin price will be ‘exciting’ as the triple candle closes and sees a retracement of $61.5k.
Bitcoin (BTC) increased volatility on June 30 as traders prepared for an “exciting” BTC price move.
Bitcoin bid below $60,000
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD hitting an internal high of $61,668 on Bitstamp.
The pair recovered from the previous day's local low of $59,950, marking a fresh dip below the key $60,000 mark amid uncertainty around BTC's price support.
Now, bids were being shown on the weekly, monthly and quarterly price with hours left until the candle closes.
In an article covering X (formerly Twitter) order book shifts, prominent trader Daan CryptoTrades wrote, “500M+ bids below price (but mostly pulled) and open interest is increasing.”
“As mentioned, we will certainly see our usual weekend price action. Relatively many steps. The end of the quarter usually results in some exciting activities.
The latest data from Monitor Wealth showed CoinGlass $60,583 as a key minimum liquidity level, with the bid cloud extending to $59,500.
On the day, the price turned upside, heading above $61,600.
Although it was down 2.6% for the week, Mtrading founder and CEO Michael van de Pop, meanwhile, was optimistic about the price's performance.
“A good weekly candle for Bitcoin is coming up here,” he told X's followers.
“I expect the correction to be relatively complete. We haven't had very obvious deep corrections in previous cycles either.”
The accompanying chart will make a low for BTC/USD during its trip to $56,500 in early May.
Q2 performance remained weak overall, however, with Bitcoin down 13.8%, responsible for June's 8.9% losses.
Trader delayed 95,000 BTC price bet
Elsewhere, a continued sluggish performance has cost a Bitcoin bull a recent BTC price target.
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Realizing that the outcome is no longer possible, popular trader BitQuant recently called $95,000 for BTC/US dollar expectations.
“Bitcoin hit $48,955 instead of $49k because I was wrong in predicting Bitcoin's domestic high at $49k. I was wrong to call a local high of $75K in January because first BTC did not reach $75K but reversed at $74,680 and second only in March. I was wrong then, and I am wrong now predicting BTC at $95k,” he concluded.
However, BitQuant basically argued that “nothing has changed”, and at some point, Bitcoin will go to the target.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
