Bitcoin (BTC) soared to $31,000 on June 30 as the expiry date of nearly $6 billion in open interest approached.
Options expire before the BTC price trigger date
Data from Cointelegraph Markets Pro and transaction view Bitstamp shows BTC/USD hitting a local high of $31,268 before falling back.
The improved price performance of bitcoin has emerged as a key quarterly options expiration event, the second largest in bitcoin history, with analysts keen to see its impact on the market.
Financial commentator Tedtalksmacro said: “It will be interesting to see how many rollovers to future expiry dates and whether OI is dominated by calls or puts as this will affect how traders hedge (buy or sell BTC) ” wrote Part of related comments.
June 30 is a pivotal date for bitcoin traders, with option expiration just one in a series of key events.
US macroeconomic data in the form of personal consumption expenditures (PCE) is released later, all before the close of the monthly and quarterly candlesticks.
For popular trader and analyst Rekt Capital, a close above $29,255 would confirm a breakout on the monthly time frame.
#BTC Positioning a monthly close above resistance that has rejected prices for the past three months
— Rekt Capital (@rektcapital) June 29, 2023
Likewise, Rekt Capital is focusing on quarterly resistance at $28,872 noticed This level acts as resistance in the first quarter of 2023 and 2020, and support in 2021.
Data from Monitoring Resources coin glass Bitcoin’s current second-quarter gain of 8 percent still lags far behind its first-quarter performance, which totaled more than 70 percent.
Hope Bitcoin Continues to Rise
Others hope that, regardless of the underlying volatility, Bitcoin will still be able to reach new local highs.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges in New ‘Elated Inflow’
Among them was trader Crypto Tony, whose main target was $32,000.
— Crypto Tony (@CryptoTony__) June 30, 2023
Fellow trader Jelle acknowledged that bitcoin prices struggle to sustain higher levels after brief gains and there will always be pullbacks.
“The upside wick in this consolidation may look scary, but we’re seeing similar price action in the red circled area,” he said. makes sensereviewing the chart of BTC/USD over the past year.
“Bitcoin looks eager to go up sometime next week.”
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This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.