Bitcoin’s price exhibited unusual movements over the weekend, ahead of its weekly, monthly, and quarterly closings, reentering the $61.5K territory.
Source: TradingView
BTC/USD saw heightened volatility on June 30, with traders anticipating notable price shifts. On Bitstamp, Bitcoin reached intraday highs of $61,668, recovering from recent lows of $59,950, marking a dip below the crucial $60,000 support level amid uncertainty.
As the weekly, monthly, and quarterly candle closures approached, significant bids were observed below the spot price. According to Daan Crypto Trades, over $500 million in bids were initially placed below the price, indicating active order book dynamics and potential support shifts.
Source: Daan Crypto Trades/X
The end-of-quarter dynamics typically spur interesting market movements, diverging from typical weekend trading patterns. CoinGlass data highlighted key downside liquidity around $60,583, with bids extending toward $59,500, while liquidity to the upside adjusted as prices exceeded $61,600 during the day.
Source: CoinGlass
Despite a 2.6% decline week-to-date and an overall weak performance in Q2, sentiment remained cautiously optimistic among some analysts. Michaël van de Poppe of MNTrading noted a promising weekly candle formation, suggesting a potential end to the correction phase.
Source: Michaël van de Poppe/X
However, Q2 performance for Bitcoin showed a 13.8% decline, with June alone accounting for 8.9% losses, indicating persistent volatility and market adjustments.
Source: CoinGlass
Meanwhile, one prominent trader, BitQuant, adjusted his near-term BTC price target downward, acknowledging previous overestimations but maintaining a bullish long-term outlook based on fundamental factors.
Source: BitQuant/X
