Bitcoin sees new all-time highs in 3 countries as BTC price pokes $31K

On June 25, Bitcoin (BTC) reached $31,000 for the third time in 2021, as the end of the week indicated that volatility was to be expected.

BTC price challenges $31,000

Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin prices were reaching their yearly highs.

The price of BTC stayed strong over the weekend, with people’s attention directed towards the political incidents occurring in Russia and surrounding nations.

As tensions abated on the day, interest in how the markets would respond at the June 26 open persisted, with the weekly candle close – a common cause of volatility – being the first event.

In his latest assessment, Rekt Capital, a renowned trader, stated that the most optimistic outlook for the week would be a closing price above the critical $30,000 level.

“BTC was unable to break through the $30,000 resistance in mid-April. We shall observe if $BTC can transform $30,000 into a support level,” a subsequent post stated over the weekend.

Crypto Tony, a fellow trader, remained optimistic that Bitcoin could reach $32,000 if it was able to stabilize around $31,000.

Michaël van de Poppe, founder and CEO of trading firm Eight, expressed some doubt as to whether the bulls could sustain their upward momentum.

He informed his Twitter followers that Bitcoin had made a nice high, surpassing its yearly high.

Van de Poppe reiterated a widely accepted downside target among investors who were keen to purchase at a lower price than $30,000.

Bitcoin records keep tumbling

Despite the reduction in volatility against the U.S. dollar, Bitcoin still managed to achieve new highs in three countries this week.

A trader has predicted that Bitcoin’s “parabolic advance” will lead to an all-time high in price by 2023.

In Argentina, Venezuela, and Lebanon, Bitcoin reached its highest value ever when compared to the respective local currency.

For those countries, the trend of inflation and macroeconomic policy choices quickly diminishing purchasing power has persisted throughout 2023.

In Turkey, the lira experienced a sharp decline in value against the dollar, and the BTC/TRY rate was close to its peak from December 2021.

The Hodler’s Digest for June 11–17 reports on Gary Gensler’s precarious position, BlackRock’s debut of a Bitcoin ETF, and other news.

Categorized in:

Tagged in: