Despite the Bitcoin price experiencing a period of sideways trading, the optimism among Bitcoin traders remains unshaken as significant options open interest expiry looms ahead.
On June 29, Bitcoin (BTC) made an unsuccessful attempt to surpass the $31,000 mark, causing traders to patiently await a bullish breakthrough.
According to data from TradingView, the BTC price remained confined within its narrow trading range, showing reluctance to break out. With its value fluctuating between $30,000 and $31,000, BTC/USD lacked the necessary momentum to either sustain the upward trend from the previous week or initiate a downward reversal.
However, market participants found increasing reasons to believe that the next move would involve flipping higher resistance levels into support.
It is very likely that #Bitcoin will reach the N28CT target of $34,500 in the next push higher
My model has nailed every prediction since its creation
-Bottom in Nov 2022
-Best cycle buying prices in green yearTime to accumulate is coming to an end..https://t.co/Lg9LBcoDad pic.twitter.com/HF7EwWNpKZ
— CryptoCon (@CryptoCon_) June 29, 2023
A renowned trader Jelle wrote in a Twitter update, insisting that the BTC price was repeating its late 2020 breakout:
“Bitcoin’s 2020 Fractal is still in play. Up only from here if we keep following it. I’m ready.”
Meanwhile, Rekt Capital, a renowned trader and analyst, closely observed equally promising indicators on monthly timeframes leading up to the June 30 monthly candle close. He commented on an explanatory chart:
“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).”
While reacting to the latest market development, CryptoCon described BTC/USD as “primed to launch into the resistance zone.”
The founder and CEO of trading firm Eight, Michaël van de Poppe, added:
“Markets are looking ready for another leg upwards. Bitcoin looks good, but altcoins are moving in tandem too.”
PCE print encounters options expiry
This week’s huge macroeconomic data releases are still ahead.
With the Chair of the United States Federal Reserve, Jerome Powell, ready to deliver a second day of commentary on economic policy, June 30 is still a key release date.
The preferred inflation measurement tool for Powell, Personal Consumption Expenditures (PCE) figures, was expected to be the volatility catalyst for risk assets.
Buy Bitcoin NowLooking past macro, the June 30 options open interest expiry was also a significant talking point, coming in at a massive $4.7 billion.
Big options expiration date for both ETH and BTC tomorrow
ETH: ~$2B notional
BTC: ~$5B notionalIf 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
— Tom Dunleavy (@dunleavy89) June 29, 2023
Tedtalksmacro, a financial commentator, suggested that there would be minimal crypto market movement until the expiry.
