The price of bitcoin is still rising approaching a weekly close, which according to estimates should remain above $30,000.
Bitcoin tapped $31,000 for a third time this year on June 25 as the weekly close promised volatility.
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 0d9844f8 07cf 4061 b02e 4e0a8d498a17](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/0d9844f8-07cf-4061-b02e-4e0a8d498a17.png?ssl=1)
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 0d9844f8 07cf 4061 b02e 4e0a8d498a17](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/0d9844f8-07cf-4061-b02e-4e0a8d498a17.png?ssl=1)
BTC price challenges $31,000
BTC price remained strong over the weekend as attention focused on geopolitical events in Russia and surrounding states. With tensions lessening on the day, curiosity over markets’ reactions at the June 26 open remained, with the weekly candle close — already a classic source of volatility — coming first.
In a recent analysis, popular trader Rekt Capital put the “most bullish scenario” for the weekly close above the pivotal $30,000 mark.
“BTC in mid-April rejected from $30,000 resistance. Let’s see if $BTC can turn $30,000 into support,” a further post added over the weekend. Fellow trader Crypto Tony stayed hopeful for a trip to $32,000 next, should Bitcoin successfully consolidate near $31,000.
Related: Top 5 altcoins with the best performance vs Bitcoin in June
A slightly less confident Michaël van de Poppe, founder and CEO of trading firm Eight, called into question bulls’ ability to keep upside momentum going. “Bitcoin made a nice high, through which it swept the yearly high,” he told Twitter followers.
“I’m unsure whether we’ll continue running from here, but during uptrends you’ll most likely see price continuing to run rather than have deep corrections. If we have a correction, $28,500 I buy.”
Van de Poppe repeated a popular downside target among market participants eager to “buy the dip” below $30,000.
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 8af3321d c3ea 44cc 91fc 14171157c458](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/8af3321d-c3ea-44cc-91fc-14171157c458.png?ssl=1)
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 8af3321d c3ea 44cc 91fc 14171157c458](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/8af3321d-c3ea-44cc-91fc-14171157c458.png?ssl=1)
Bitcoin records keep tumbling
Despite the cool-off in volatility against the U.S. dollar, Bitcoin did manage to set new records in three countries this week.
In Argentina, Venezuela and Lebanon, BTC hit its highest-ever levels against the local currency. For those countries, that trend has continued throughout 2023 as inflation and macroeconomic policy choices quickly erode purchasing power.
Related: Bitcoin price breaks $29K on ETF impulse, analysts bullish on future
In Turkey, where the lira plunged to new lows against the dollar, BTC/TRY neared the area of its blow-off top from December 2021.
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 3886a2e5 5756 47f5 9821 9193ad8451b0](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/3886a2e5-5756-47f5-9821-9193ad8451b0.png?resize=835%2C556&ssl=1)
![BTC Price Touches $31K as Bitcoin Sees New All-Time Highs in 3 Countries 3886a2e5 5756 47f5 9821 9193ad8451b0](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/3886a2e5-5756-47f5-9821-9193ad8451b0.png?resize=835%2C556&ssl=1)
Source: cointelegraph