Bitcoin price is strong across the board heading into the weekly close, with analysis saying it should remain above $30,000.
Bitcoin (BTC) hit $31,000 for the third time this year on June 25 as the weekly close signaled volatility.
BTC price challenges $31,000
Data from Cointelegraph Markets Pro and TradingView show that BTC price action is concentrated around yearly highs.
Bitcoin prices remained strong over the weekend as attention was focused on geopolitical events in and around Russia.
As tensions eased during the day, curiosity remained about how the market would react when trading opened on June 26, with the weekly candle close (already a classic source of volatility) coming first.
In a recent analysis, popular trader Rekt Capital sees the “most optimistic scenario” for this week as a close above the key $30,000 mark.
“BTC failed to break through the $30,000 resistance level in mid-April. Let’s see if BTC can turn $30,000 into support,” added another post over the weekend.
If Bitcoin manages to consolidate around $31,000, fellow trader Crypto Tony remains hopeful of a move to $32,000 as the next leg.
Michaël van de Poppe, founder and CEO of trading firm Eight, was slightly less confident, questioning the ability of bulls to maintain upward momentum.
“Bitcoin hit a nice high and swept yearly highs,” he told Twitter followers.
"I'm not sure if we'll continue running from here, but during an uptrend you're more likely to see prices continue running than a deep correction. If a correction occurs, I'd buy $28,500."
Van de Poppe reiterated a downside target that is popular among market participants eager to “buy the dip” below $30,000.
Bitcoin records continue to break
While volatility cooled against the dollar, Bitcoin did hit new records in three countries this week.
In Argentina, Venezuela and Lebanon, Bitcoin hit all-time highs against local currencies.
For these countries, this trend continues in 2023 as inflation and macroeconomic policy choices rapidly erode purchasing power.
In Turkey, the lira fell to new lows against the dollar, with BTC/TRY approaching its peak area since December 2021.
