Bitcoin (BTC) reached the $31,000 mark for the third time this year on June 25 as the weekly close promised volatility. The BTC price movements were focused on yearly highs. Despite the cool-off in volatility against the U.S. dollar, Bitcoin did manage to set new records in three countries this week. The countries where BTC set record highs were Argentina, Venezuela, and Lebanon, where BTC hit its highest-ever levels against the local currency.

BTC price remained strong over the weekend, and attention focused on geopolitical events in Russia and surrounding states. With tensions lessening on the day, curiosity over markets’ reactions at the June 26 open remained, with the weekly candle close coming first.

In a recent analysis, popular trader Rekt Capital put the “most bullish scenario” for the weekly close above the pivotal $30,000 mark. Fellow trader Crypto Tony stayed hopeful for a trip to $32,000 next, should Bitcoin successfully consolidate near $31,000. However, a slightly less confident Michaël van de Poppe, founder and CEO of trading firm Eight, called into question bulls’ ability to keep upside momentum going.

“Bitcoin made a nice high, through which it swept the yearly high,” he told Twitter followers. “I’m unsure whether we’ll continue running from here, but during uptrends you’ll most likely see price continuing to run rather than have deep corrections. If we have a correction, $28,500 I buy.” Van de Poppe repeated a popular downside target among market participants eager to “buy the dip” below $30,000.

In Turkey, where the lira plunged to new lows against the dollar, BTC/TRY neared the area of its blow-off top from December 2021. The trend in Argentina, Venezuela, and Lebanon has continued throughout 2023 as inflation and macroeconomic policy choices quickly erode purchasing power.

The BTC price movements were focused on yearly highs amid geopolitical tensions. While some traders were optimistic about BTC consolidation near $31,000 and a potential trip to $32,000, others were less confident in the bulls’ ability to keep the upside momentum going. Despite the cool-off in volatility against the U.S. dollar, BTC managed to set new records in three countries this week, namely Argentina, Venezuela, and Lebanon, where inflation and macroeconomic policy choices continue to erode purchasing power.

Analysis

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