Bitcoin (BTC) rose by $31,000 on June 30 as open interest of nearly $6 billion loomed.
The validity of the options precedes the BTC price launch date
BTC price performance improved to a expiration of key quarterly options event, the second largest in bitcoin history, with analysts keen to see its impact on the markets.
“It will be interesting to see how much it carries over into future expirations and whether this OI call or put is dominant –> as this will affect how dealers hedge (buy or sell BTC),” financial commentator Tedtalksmacro he wrote in the related comment section.
June 30 marks a key date for BTC traders all around, with options expiry just one in a series of key events.
Macroeconomic data from the United States in the form of a Personal Consumption Expenditure (PCE) print is also available, leading to monthly and quarterly the candle closes.
For popular trader and analyst Rekt Capital, a close above $29,255 would confirm a breakout on monthly time frames.
#BTC is being placed on a monthly close above the resistance that has been denying the price for the past three months
— Rekt Capital (@rektcapital) June 29, 2023
It was also the focus of quarterly resistance at $28,872 with Rekt Capital to note that same level created both resistance in Q1 2023 and 2020 and support in 2021.
Data from a monitoring source CoinGlass put Bitcoin’s current Q2 gains at 8% – still well behind Q1’s performance of over 70%.
Let’s hope for continued Bitcoin growth
Others hoped that regardless of the potential volatility, Bitcoin would still be able to reach new local maxima.
Among them was Crypto trader Tony, whose primary target was $32,000.
— Crypto Tony (@CryptoTony__) June 30, 2023
Fellow trader Jelle admitted that the price of BTC has struggled to hold higher levels after brief forays higher, which were always met with retracements.
“The bullish wicks in this consolidation may look scary, but we have seen similar price action in the areas highlighted in red,” he said justifiedlooking back at the BTC/USD chart over the past year.
“Bitcoin is looking to go higher sometime next week.”
This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.