Bitcoin is aiming to solidify a higher support as crucial market activities loom.
Bitcoin, priced at $30,785, witnessed a surge past the $31,000 mark on June 30, just as nearly $6 billion in open interest was about to expire.
A Day of Market Influencers Preceding Bitcoin Price Action
Information from Cointelegraph Markets Pro and TradingView displayed BTC/USD reaching local peaks of $31,268 on Bitstamp before experiencing a slight pullback.
Bitcoin’s price performance has been on an uptrend as it approaches a major quarterly options expiry event, which is the second biggest in Bitcoin’s history. Market analysts are eager to gauge its influence on the markets.
“It will be intriguing to observe the amount carried over to future expirations and whether that open interest is dominated by calls or puts. This will shape how dealers hedge (buy or sell BTC),” noted financial commentator Tedtalksmacro as part of his commentary.
June 30 stands as a critical date for BTC traders worldwide, with the options expiry just one among a sequence of significant events.
US macroeconomic data in the form of the Personal Consumption Expenditures (PCE) print is also anticipated, leading up to the monthly and quarterly candle closes.
For renowned trader and analyst Rekt Capital, closing above $29,255 would validate a breakout on monthly scales.
Similarly, quarterly resistance at $28,872 has been under scrutiny, with Rekt Capital pointing out that this level has served as both resistance in Q1 2023 and 2020 and support in 2021.
According to CoinGlass data, Bitcoin’s Q2 growth currently stands at 8% — lagging considerably behind Q1’s impressive performance of over 70%.
Expectations for Bitcoin’s Upward Continuation
Despite the possible volatility, some are optimistic that Bitcoin will manage to hit new local peaks.
Trader Crypto Tony is among them, setting his primary goal at $32,000.
Fellow trader Jelle noted that BTC’s price is struggling to maintain higher levels beyond short-lived spikes, which are always followed by a pullback.
“The considerable spikes on the upside during this consolidation phase may appear intimidating, but we’ve observed similar price behavior in the regions highlighted in red,” he rationalized, referring to a chart of BTC/USD over the past year.
“Bitcoin seems primed for an upward move, possibly sometime next week.”