BTC price sideways trading is not dampening the optimism of Bitcoin traders prior to a giant options open interest expiry.
Bitcoin (BTC) aborted a fresh attempt to reach $31,000 on June 29, while traders waited for bulls to succeed.
BTC price “primed to launch”
Data from Cointelegraph Markets Pro and TradingView showed BTC price action refusing to leave its short-timeframe trading range.
Now caught between $30,000 and $31,000, BTC/USD lacked impetus to continue the prior week’s uptrend or reverse downward.
For market participants, however, there was increasingly reason to believe that flipping higher resistance levels to support would come next.
It is very likely that #Bitcoin will reach the N28CT target of $34,500 in the next push higher
— CryptoCon (@CryptoCon_) June 29, 2023
My model has nailed every prediction since its creation
-Bottom in Nov 2022
-Best cycle buying prices in green year
Time to accumulate is coming to an end..https://t.co/Lg9LBcoDad pic.twitter.com/HF7EwWNpKZ
“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle wrote in a Twitter update, arguing that Bitcoin was repeating its late 2020 breakout.
“Up only from here if we keep following it. I’m ready.”
Popular trader and analyst Rekt Capital, meanwhile, eyed equally promising signs on monthly timeframes ahead of the June 30 monthly candle close.
“BTC is positioning itself for a Monthly Close above a resistance that had rejected price for the past three months. And now BTC is holding comfortably above that same level (black),” he commented on an explanatory chart.
Reacting, CryptoCon described BTC/USD as “primed to launch into the resistance zone.”
“Markets are looking ready for another leg upwards,” Michaël van de Poppe, founder and CEO of trading firm Eight, added.
“Bitcoin looks good, but altcoins are moving in tandem too.”
PCE print meets options expiry
The week’s major macroeconomic data releases still lay ahead.
Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’
With Jerome Powell, chair of the United States Federal Reserve, set to deliver a second day of commentary on economic policy, June 30 remained the key release date.
Personal Consumption Expenditures (PCE) figures, the preferred inflation measurement tool for Powell, were tipped to be the volatility catalyst for risk assets.
Beyond macro, the June 30 options open interest expiry was also a talking point, this coming in at a huge $4.7 billion.
Big options expiration date for both ETH and BTC tomorrow
— Tom Dunleavy (@dunleavy89) June 29, 2023
ETH: ~$2B notional
BTC: ~$5B notional
If these are rolled into more calls we should see spot buying from dealers to hedge their books; puts opposite story. Either way expect some vol. pic.twitter.com/jWBQ0XOP2p
Financial commentator Tedtalksmacro suggested that there would be limited crypto market movement until the expiry.
Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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