Bitcoin tries to cement higher support as an important day for markets arrives.
Bitcoin (BTC) spiked through $31,000 on June 30 as a near $6 billion open interest expiry loomed.
Options expiry precedes day of BTC price triggers
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $31,268 on Bitstamp before returning lower.
BTC price performance improved into a key quarterly options expiry event, the second largest in Bitcoin’s history, with analysts keen to see its effect on markets.
“Will be interesting to see how much is rolled over to future expirations and whether that OI is call or put dominant –> as that will impact how dealers hedge (buy or sell BTC),” financial commentator Tedtalksmacro wrote in part of associated commentary.
June 30 represented a key date for BTC traders all around, with the options expiry forming just one in a series of key events.
Macroeconomic data from the United States in the form of Personal Consumption Expenditures (PCE) print was due later, all leading up to the monthly and quarterly candle closes.
For popular trader and analyst Rekt Capital, a close above $29,255 would confirm a breakout on monthly timeframes.
#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)#Crypto #bitcoin pic.twitter.com/b42XYWfcLi
— Rekt Capital (@rektcapital) June 29, 2023
Likewise, quarterly resistance at $28,872 was a focus, Rekt Capital noting that the same level had formed both resistance in Q1 2023 and 2020, as well as support in 2021.
Data from monitoring resource CoinGlass put Bitcoin’s current Q2 gains at 8% — still far behind Q1 performance, which totaled over 70%.
Hoping for Bitcoin upside continuation
Others hoped that regardless of the potential volatility, Bitcoin would still be able to reach new local highs.
Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’
Among them was trader Crypto Tony, whose primary target was $32,000.
$BTC / $USD – Update #Bitcoin once again looking to work some magic and climb above that supply zone. Would be a Friday treat if we can manage to do that today .. pic.twitter.com/vBzeMvgXE4
— Crypto Tony (@CryptoTony__) June 30, 2023
Fellow trader Jelle acknowledged that BTC price was having trouble sustaining higher levels beyond brief spurts higher, with these always met with a retracement.
“The upside wicks in this consolidation may look scary, but we saw similar price action in the areas circled in red,” he reasoned, looking back on a chart of BTC/USD over the past year.
“Bitcoin looks eager for upside, sometime next week.”
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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.
