Bitcoin (BTC) increased volatility on June 30th as traders braced for an “interesting” BTC price move.
Bitcoin bids are expected to be under $60,000.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD with Bitstamp hitting an intraday high of $61,668.
The pair recovered from the previous day’s local low of $59,950, which led to a fresh drop below the key $60,000 level amid uncertainty over BTC price support.
Now, with a few hours left until the weekly, monthly and quarterly candles close, bids have appeared below the spot price.
Popular trader Daan Crypto Trades wrote in a post on X (formerly Twitter) covering the order book liquidity changes that “over $500 million of bids were placed below price (most were withdrawn), but open interest is up.”
“As mentioned, I doubt we’ll see the usual weekend price action. There’s a lot of action relatively. There’s usually some interesting movement at the end of the quarter.”
According to the latest data from monitoring resource CoinGlass, the major bearish liquidity level is at $60,583, with bids expanding towards $59,500.
Meanwhile, upside liquidity increased further as the price topped $61,600 on the day.
Meanwhile, Michaël van de Poppe, founder and CEO of trading firm MNTrading, was upbeat about the price performance despite the 2.6% drop so far this week.
“A pretty good weekly candle is coming up for Bitcoin,” he told his X followers.
“I expect the correction to be relatively complete. We haven’t had the most obvious and deep corrections in previous cycles.”
The attached chart shows BTC/USD hitting bottom in early May while moving all the way to $56,500.
However, Q2 results were weak across the board, with Bitcoin down 13.8% and losing 8.9% in June.
Trader postpones $95,000 BTC price bet
Elsewhere, continued poor performance led one Bitcoin investor to lose his short-term BTC price target.
Related: Bitcoin Miner Selling Pressure ‘Weaken’, BTC Withdrawals Down 85%
Popular trader BitQuant has stalled on his expectations that BTC/USD will soon reach $95,000, acknowledging that the outcome is no longer likely.
“I was wrong when I predicted that Bitcoin’s local top would be $49,000 because Bitcoin reached $48,955, not $49,000. I was wrong when I predicted that Bitcoin would reach $75,000 in January because, first, Bitcoin never reached $75,000, it reversed at $74,680, and second, it didn’t reach there until March. I was wrong then, and I was wrong when I predicted that Bitcoin would be at $95,000 now,” he summarized.
Despite this, BitQuant insisted that fundamentally “nothing has changed” and that at some point Bitcoin will rise to its target.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.