Key Factors Influencing BTC Price with Triple Candle Close
As BTC/USD reached intraday highs of $61,668 on Bitstamp, data from Cointelegraph Markets Pro and TradingView tracked the pair. The pair bounced back from the day before’s local lows of $59,950, which represented a new decline below the crucial $60,000 barrier due to concerns about the stability of the BTC price. With only hours remaining until the weekly, monthly, and quarterly candle close, bids were now showing up below the spot price.
$500M+ in bids were placed below price (but mostly pulled) and open interest going up. 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.
popular trader Daan Crypto Trades
Some Are Optimistic About the Bitcoin Price
The founder and CEO of trading company MNTrading, Michaël van de Poppe, expressed optimism about price performance despite Bitcoin‘s 2.6% weekly decline.
A pretty decent weekly candle for Bitcoin is approaching here. I would expect the correction to be relatively over. We didn’t get the most obvious deep corrections in previous cycles either.
Michaël van de Poppe
An accompanying figure shows that in the beginning of May, the lowest point for Bitcoin/USD was $56,500. Nonetheless, Q2’s overall performance was still poor, with Bitcoin down 13.8% and losses of 8.9% in June.
FAQ
What Does a Triple Candle Close Mean for Bitcoin?
In technical analysis, three consecutive candlesticks on a chart that close in the same direction are referred to as a triple candle close. For the purpose of forecasting future changes in the price of Bitcoin or any other asset, this pattern may be important. A more thorough understanding of possible price movements can be obtained by comprehending the background and combining the triple candle closure with other technical indicators and analysis techniques.
What Does It Mean for the Bitcoin Price to Return to $61.5K?
Bitcoin’s return to $61.5k means the price has returned to this level after a while. This could create a certain level of confidence for investors and give clues about market sentiment.
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