Bitcoin (BTC) experienced a significant spike on June 30, surpassing the $31,000 mark. This surge occurred as the market anticipated the expiration of nearly $6 billion in open interest. BTC/USD reached local highs of $31,268 on Bitstamp before retracting slightly.
Traders and analysts closely monitored this quarterly options expiry, which was the second largest in Bitcoin’s history. They were particularly interested in observing its impact on the market and whether the remaining open interest would roll over to future expirations. The type of open interest, whether call or put dominant, would also influence how dealers would hedge their positions by either buying or selling BTC.
In addition to the options expiry, June 30 held significance for BTC traders due to other key events. Notably, macroeconomic data from the United States in the form of the Personal Consumption Expenditures (PCE) print was scheduled to be released. Traders were also awaiting the monthly and quarterly candle closes, which could provide further insight into Bitcoin’s price movements.
For Rekt Capital, a well-known trader and analyst, a close above $29,255 would confirm a breakout on monthly timeframes. Quarterly resistance at $28,872 was also a focal point, as it had served as both resistance and support in previous years.
CoinGlass data revealed that Bitcoin had experienced an 8% gain in the second quarter of the year, significantly lower than the over 70% gain achieved in the first quarter. Despite this, many remained hopeful that Bitcoin would continue to reach new local highs despite potential volatility.
Crypto Tony, a prominent trader, set his sights on a primary target of $32,000, expressing optimism for Bitcoin’s ability to surpass the supply zone. However, fellow trader Jelle noted that BTC had struggled to sustain higher levels for an extended period, often experiencing retracements after brief spurts. Nevertheless, Jelle believed that Bitcoin showed signs of eagerness for an upside move in the coming week.
It is essential to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their research before making any decisions.
Overall, Bitcoin’s price surge and the impending options expiry created a considerable buzz in the cryptocurrency market, as traders and analysts closely monitored its impact on the market and speculated on Bitcoin’s future upward potential.
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