BTC Price Struggles to Break $31,000 Resistance Level
Bitcoin (BTC) made a failed attempt to break the $31,000 resistance level on June 29, as traders eagerly awaited a bullish breakout. The cryptocurrency remained stuck within a short-term trading range between $30,000 and $31,000, lacking the momentum to continue its previous week’s uptrend or undergo a reversal.
Despite this stagnation, market participants are increasingly optimistic that higher resistance levels will eventually be flipped into support. CryptoCon, a prominent trader on Twitter, confidently predicted that Bitcoin would reach the target of $34,500 in its next push upward, citing a highly accurate model that has accurately predicted Bitcoin’s price movements since its creation. Another popular trader, Jelle, also expressed optimism, comparing the current price action to Bitcoin’s late 2020 breakout and stating, “Up only from here if we keep following it. I’m ready.”
Renowned trader and analyst Rekt Capital highlighted positive signs on monthly timeframes ahead of the June 30 monthly candle close. He observed that Bitcoin was positioning itself for a monthly close above a resistance level that had rejected price for the past three months. According to their analysis, Bitcoin was comfortably holding above this level, indicating a potential breakthrough.
Other experts in the industry also voiced their optimism for Bitcoin’s future price movements. Michaël van de Poppe, the founder and CEO of trading firm Eight, noted that Bitcoin looked promising and that altcoins were also moving in tandem.
In terms of macroeconomic factors, the release of the Personal Consumption Expenditures (PCE) figures on June 30 was expected to be a catalyst for volatility in risk assets. These figures are the preferred measurement tool for inflation by Jerome Powell, the chair of the United States Federal Reserve, who was scheduled to deliver a second day of commentary on economic policy.
Additionally, the market was closely watching the options open interest expiry on June 30, which amounted to a massive $4.7 billion. This expiration date for both Ethereum (ETH) and Bitcoin (BTC) options contracts held the potential to impact spot buying and volatility in the market.
Financial commentator Tedtalksmacro suggested that there would likely be limited movement in the crypto market until the expiry. Many traders and investors were eagerly awaiting the outcome of these events to gauge the direction and potential for a breakout in Bitcoin’s price.
As with any investment, it is important to note that there are risks involved, and readers are advised to conduct their own research and exercise caution when making financial decisions.
In conclusion, Bitcoin’s price struggled to break the $31,000 resistance level, leading to a consolidation phase between $30,000 and $31,000. Traders and industry experts remained optimistic about the potential for a bullish breakout, citing technical analysis and macroeconomic factors. The release of PCE figures and the options open interest expiry on June 30 were expected to have a significant impact on Bitcoin’s price movement and market volatility. Investors and traders eagerly awaited these events to gain further insight into the future direction of Bitcoin.
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