Friday, April 12, 2024

Bitcoin is seeing new all-time highs in 3 countries with BTC price reaching $31K


Bitcoin (BTC) touched $31,000 for the third time this year on June 25 as the weekly close promised volatility.

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BTC/USD hourly chart. Source: TradingView

BTC price defies $31,000

Data from Cointelegraph Markets Pro and TradingView showed bitcoin price action focused on yearly highs.

Bitcoin price remained strong over the weekend, as attention focused on geopolitical events in Russia and surrounding countries.

With tensions subsiding today, curiosity about the markets’ reaction remained at the open of June 26th, with the weekly candlestick close – already a classic source of volatility – taking first place.

In the last analysis, the famous trader Rekt Capital put the “bullish scenario” for the week with a close above the pivotal $30,000 mark.

BTC rejected the $30,000 resistance in mid-April. Let’s see if $30,000 BTC can turn $30,000 into support,” another post added during the Weekend.

Fellow Crypto trader Tony remained hopeful for a trip to $32,000 next, if Bitcoin succeeds in consolidating near $31,000.

Somewhat less confident, Michael Van de Poppe, founder and CEO of trading firm Eight, called into question the ability of bulls to sustain bullish momentum.

“Bitcoin has had a nice rally, from which it has crossed a yearly high,” he said Tell Twitter followers.

“I’m not sure if we will continue to run from here, but during uptrends you are more likely to see the price continue to go higher rather than making deep corrections. If we do have a correction, I would buy $28,500.”

Van de Poppe repeated a bearish target popular among market participants eager to “buy the dip” below $30,000.

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Annotated BTC/USD chart. Source: Michaël van de Poppe / Twitter

Bitcoin records continue to deteriorate

Despite the slowdown in volatility against the US dollar, Bitcoin managed to set new records in three countries this week.

Related: Bitcoin’s Parabolic Advance Means All-Time High For BTC In 2023 – Trader

In Argentina, Venezuela and Lebanon, BTC reached all-time highs against the local currency.

For those countries, this trend has continued throughout 2023 as inflation and macroeconomic policy choices rapidly erode purchasing power.

In Turkey, where the lira has fallen to new lows against the dollar, bitcoin/Turkish lira is close to the explosive peak zone as of December 2021.

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BTC/TRY 1 week chart. Source: TradingView

The Journal: Gary Gensler’s Job at Risk, BlackRock’s First Bitcoin ETF and Other News: Hodler’s Digest, June 11-17

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.