The pair recovered from local lows of $59,950 the day prior, these marking a fresh dip below the key $60,000 markNow, bids were appearing under spot price with hours to go until the weekly, monthly and quarterly candle close.
“$500M+ in bids were placed below price and open interest going up,” popular trader Daan Crypto Trades wrote in a“Doubt we'll get our usual weekend price action as mentioned. Quite a lot of action relatively speaking. End of the quarter usually causes some interesting moves.”showed $60,583 as the key downside liquidity level, with a cloud of bids extending toward $59,500.BTC liquidity heatmap .
Despite being down 2.6% week-to-date, meanwhile, Michaël van de Poppe, founder and CEO of trading firm MNTrading, was optimistic about price performance.“I would expect the correction to be relatively over. We didn't get the most obvious deep corrections in previous cycles either.”An accompanying chart put the bottom for BTC/USD during its trip to $56,500 at the start of May.
Q2 performance overall remained weak, however, with Bitcoin down 13.8%, with June responsible for 8.9% losses.Elsewhere, ongoing sluggish performance cost one Bitcoin bull his near-term BTC price target.
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