Bitcoin Hits New All-Time High in 3 Countries as BTC Price Reaches $31K

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

BTC Price Challenges $31,000

Data from Cointelegraph Markets Pro and trading view BTC price action shown with a focus on yearly highs.

BTC price remained strong over the weekend as attention turned to geopolitical events in Russia and surrounding states.

With tensions easing on the day, open market reactions remained curious on June 26, with the weekly candle close – already a classic source of volatility – taking first place.

In a recent analysis, popular trader Rect Capital put the “most bullish scenario” for the weekly as a close above the crucial $30,000 mark.

#B T c Has broken a multi-month downtrend (blue)

but if $BTC Thus closes the weekly – a new downtrend may form (black)

This could be the start of a new pattern

a lot can change before july

Most Bullish Scenario -> Weekly Close Above ~$30,000#crypto #bitcoin pic.twitter.com/i9rdXCdymb

— Rekt Capital (@rektcapital) 22 June 2023

“BTC got rejected from the $30,000 resistance in mid-April. Let’s see if $BTC can turn $30,000 into support,” another post couple in the weekends.

If bitcoin successfully consolidates near $31,000, fellow trader Crypto Tony is optimistic of the next trip to $32,000.

$BTC , $USD – Updates

If bitcoin can consolidate around these $31,000 highs, a move to $32,000 will be no problem

i believe in bulls pic.twitter.com/lOl7AQ6RIl

— Crypto Tony (@CryptoTony__) 25 June 2023

Michael Van de Poppe, founder and CEO of trading firm ET, is a little less confident, questioning the bulls’ ability to continue their uptrend.

“Bitcoin made a good rally through which it reached yearly highs,” he added. Said twitter followers.

“I am unsure whether or not we will continue to move from here, but during an uptrend you will see prices continue to move higher rather than see a deeper correction. If we have a correction, I’ll buy $28,500.”

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

Bitcoin records keep falling

Despite a decrease in volatility against the US Dollar, bitcoin managed to set new records in three countries this week.

Related: Bitcoin ‘Parabolic Advance’ Means BTC Price Will Hit All-Time Highs in 2023 – Trader

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

For those countries, this trend is likely to continue throughout 2023 as inflation and macroeconomic policy choices increasingly reduce purchasing power.

In Turkey, where the lira hit new lows against the dollar, BTC/TRY moved closer to the zone of its blow-off top from December 2021.

Magazine: Gary Gensler’s Job at Risk, BlackRock Launches First Bitcoin ETF and Other News: Hodlers Digest, June 11-17

This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.