Bitcoin (BTC) touched $31,000 for the third time this year on June 25 as the weekly close promised volatility.
BTC price challenges $31,000
Data from Cointelegraph Markets Pro and TradingView show BTC price movements pointing to yearly highs.
BTC price remained stable over the weekend as attention focused on geopolitical events in Russia and surrounding states.
As the day’s tension eased, curiosity about the markets’ reactions to the June 26 opening remained, with the weekly closing candle – already a classic source of volatility – taking center stage.
In a recent analysis, popular trader Rekt Capital laid out the “strongest scenario” for a weekly close above the pivotal $30,000 mark.
#BTC multi-month downtrend broken (blue)
But if $BTC makes a Weekly Close like this – a new downtrend can be formed (black)
This will be the beginning of a new pattern
A lot can change before July
Strongest scenario -> Weekly Close over ~ $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 make $30,000 to support,” added the post added at the end of the week.
Fellow trader Crypto Tony remains optimistic for a trip to $32,000 next, if Bitcoin successfully consolidates near $31,000.
If Bitcoin can consolidate around these highs of $31,000, then a breakout to $32,000 will not be a problem
I believe in bulls pic.twitter.com/lOl7AQ6RIl
– Crypto Tony (@CryptoTony__) June 25, 2023
A slightly less confident Michaël van de Poppe, the founder and CEO of trading firm Eight, questioned the bulls’ ability to maintain upside momentum.
“Bitcoin made a nice high, where it was swept by the annual high,” he said SPOKE Twitter followers.
“I’m not sure if we’ll continue to run from here, but during the uptrend you’ll probably see the price continue to run rather than have a deep correction. If we have a correction, $28,500 would be my buy.”
Van de Poppe reiterated a popular downside target among market participants eager to “buy the dip” below $30,000.
Bitcoin records continue to fall
Despite the cool-off in volatility against the US dollar, Bitcoin managed to set new records in three countries this week.
Related: Bitcoin ‘parabolic advance’ means BTC price all-time high in 2023 — Trader
In Argentina, Venezuela and Lebanon, BTC hit its highest level against the local currency.
For those countries, that trend continues throughout 2023 as inflation and macroeconomic policy choices quickly erode purchasing power.
In Turkey, where the lira fell to new lows against the dollar, BTC/TRY is approaching the site of its blow-off top from December 2021.
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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
