Bitcoin (BTC) made another attempt to hit $31,000 on June 29, but the attempt failed as traders waited for the bulls to succeed.
Bitcoin price ‘ready for launch’
Data from Cointelegraph Markets Pro and transaction view Showing Bitcoin price action refusing to leave its short-term trading range.
BTC/USD is currently trading between $30,000 and $31,000, lacking the impetus to continue the previous week’s uptrend or reverse its decline.
For market participants, however, there is growing reason to believe that a turn of higher resistance into support is next.
most likely #bitcoin Will hit N28CT $34,500 target on next push up
My model has achieved every prediction since it was created
– Bottom in November 2022
– Best cycle purchase price in green yearsThe accumulated time is coming to an end.. pic.twitter.com/HF7EwWNpKZ
— CryptoCon (@CryptoCon_) June 29, 2023
“Bitcoin’s 2020 fractal is still playing out,” popular trader Jelle wrote In a Twitter update, he argued that Bitcoin is repeating its late 2020 breakout.
“If we keep track of it, we can only go up from here. I’m ready.”
Meanwhile, prominent trader and analyst Rekt Capital saw similarly promising signs on the monthly time frame ahead of the June 30 monthly candle close.
“Bitcoin’s monthly close will be above resistance that has rejected prices for the past three months. BTC is now comfortably above the same level (black),” he said commented on explanatory diagrams.
CryptoCon reacted to this by describing BTC/USD as “ready to enter a resistance zone.”
“The market is preparing to go up again,” said Michaël van de Poppe, founder and chief executive of Trading Eight. Add to.
“Bitcoin is looking good, but altcoins are moving in tandem.”
PCE print meets option expiration
Key macroeconomic data are still to be released this week.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges in New ‘Elated Inflow’
June 30 remains a key release date as Federal Reserve Chairman Jerome Powell will deliver economic policy comments the next day.
Data on personal consumption expenditures (PCE), Powell’s preferred measure of inflation, is expected to be a catalyst for volatility in risky assets.
Beyond macro, the June 30 option open interest expiration is also a talking point, worth as much as $4.7 billion.
Big Options Expirations Tomorrow for ETH and BTC
ETH: ~$2 billion notional value
BTC: about $5B in nominal termsIf these were factored into more call options, we should see traders make spot purchases to hedge their books; presenting the opposite story. Anyway, expect some volume. pic.twitter.com/jWBQ0XOP2p
— Tom Dunleavy (@dunleavy89) June 29, 2023
Financial Commentator Tedtalksmacro suggestion Until the expiration, volatility in the cryptocurrency market will be limited.
Magazine: Bitcoin Is Colliding With ‘Net Zero’ Promise
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.
Svlook
