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 of Cointelegraph Pro Markets and TradingView showed BTC price movements centered on yearly highs.
The BTC price remained strong over the weekend as attention turned to geopolitical events in Russia and neighboring states.
With tensions easing on the day, curiosity remained about market reactions at the open on June 26, with the weekly candlestick close, already a classic source of volatility, in the first place.
In a recent analysis, popular trader Rekt Capital placed the "most bullish case" for the weekly close above the fundamental $30,000 mark.
#BTC has broken the downtrend of several months (blue)
But if $BTC take a weekly close like this: a new downtrend may form (black)
This could be the start of a new pattern.
Many may change before July
Most bullish scenario -> Weekly close above ~$30,000#Crypto #Bitcoin pic.twitter.com/i9rdXCdymb
โ RektCapital (@rektcapital) June 22, 2023
โBTC in mid-April turned down the $30,000 resistance. Let's see if $BTC can turn $30,000 into support,โ another post aggregate weekend.
Fellow Crypto trader Tony remained hopeful of a trip to $32,000 next, should Bitcoin successfully consolidate near $31,000.
If Bitcoin can consolidate around these highs at $31,000, then a burst to $32,000 won't be a problem.
I believe in bulls pic.twitter.com/lOl7AQ6RIl
โ Crypto Tony (@CryptoTony__) June 25, 2023
The slightly less confident Michaรซl van de Poppe, founder and CEO of trading firm Eight, questioned the ability of bulls to maintain bullish momentum.
"Bitcoin made a nice high, through which it swept the yearly high," he said. said Twitter followers.
โI am not sure if we will continue to rally from here, but during uptrends you will most likely see price continue to rally rather than make deep corrections. If we have a correction, I buy $28,500.โ
Van de Poppe repeated a popular downside target among market participants eager to "buy the dip" below $30,000.
Bitcoin records keep falling
Despite cooling volatility against the US dollar, Bitcoin managed to set new records in three countries this week.
Related: Bitcoin 'parabolic advance' means BTC price is all-time high in 2023: trader
In Argentina, Venezuela and Lebanon, BTC reached its highest levels against the local currency.
For those countries, that trend has continued through 2023, as inflation and macroeconomic policy choices rapidly erode purchasing power.
In Turkey, where the lira plunged to new lows against the dollar, BTC/TRY approached the area of โโits peak from December 2021.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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