Bitcoin price action is witnessing unusual activity over the weekend as it approaches the weekly, monthly, and quarterly candle close. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached intraday highs of $61,668 on Bitstamp.
Bitcoin Recovers from Recent Dips
After dropping to local lows of $59,950, Bitcoin managed to rebound, breaking past the crucial $60,000 support level. This recovery comes amidst a backdrop of uncertainty regarding BTC price support.
Significant Bids and Market Activity
With the triple candle close imminent, significant bids have emerged below the spot price. “Over $500M in bids were placed below price (but mostly pulled), and open interest is rising,” noted popular trader Daan Crypto Trades on X (formerly Twitter). He added, “We might not see our usual weekend price action. The end of the quarter typically brings some interesting moves.”
Key Liquidity Levels and Market Sentiment
Monitoring resource CoinGlass highlighted $60,583 as the key downside liquidity level, with a bid cloud extending toward $59,500. As Bitcoin’s price surged past $61,600, liquidity to the upside shifted higher.
Weekly Performance and Market Outlook
Despite a 2.6% decline week-to-date, Michaël van de Poppe, founder and CEO of MNTrading, remains optimistic. He stated, “A pretty decent weekly candle for Bitcoin is approaching. I would expect the correction to be relatively over. We didn’t get the most obvious deep corrections in previous cycles either.” His accompanying chart indicated the bottom for BTC/USD during its drop to $56,500 in early May.
Quarterly Performance and Future Predictions
Overall, Bitcoin’s Q2 performance has been weak, with a 13.8% decline, including an 8.9% loss in June alone. Despite missing previous predictions, popular trader BitQuant remains confident about Bitcoin’s long-term potential. He reflected, “I was wrong predicting Bitcoin’s local top at $49K and $75K. However, fundamentally, nothing has changed. Bitcoin will eventually reach the target.”
Conclusion
Bitcoin’s price action is displaying significant movements ahead of the weekly, monthly, and quarterly candle close, with key support levels and market activities indicating an interesting period for the cryptocurrency. With traders and analysts maintaining a cautious yet optimistic outlook, the coming days could be pivotal for Bitcoin’s short-term trajectory.