BTC’s sidelong trading patterns aren’t casting a shadow over the buoyancy of digital currency enthusiasts, despite the looming massive options expiration. Bitcoin’s valuation, stationed at $30,425, saw an interruption in its rally towards the $31,000 mark on June 29, leaving the market anticipating a bullish surge.
Is Bitcoin Gearing Up for Ascent?
BTC’s recent pricing actions, captured by Cointelegraph Markets Pro and TradingView, indicate a certain stickiness within its recent short-span trading bracket. Caught within the $30,000 to $31,000 range, Bitcoin is lacking the momentum to either ride the bull wave of the previous week or shift towards a bearish decline.
Despite the current market movements, observers see accumulating evidence hinting at the imminent transformation of robust resistance levels into support zones. Citing Bitcoin’s 2020 trends, distinguished trader Jelle postulates in a tweet that Bitcoin appears set to replicate its late 2020 rally. “If we maintain this course, we’ll only go up from here. I’m all set,” he affirmed.
Rekt Capital, another respected trader and analyst, identified encouraging signs on monthly timelines, coinciding with the closing of the June 30 monthly candle.
“BTC is positioning itself for a monthly close above a resistance level that has been a persistent obstacle for the past three months. Now, BTC is comfortably positioned above that same level (black),” he remarked while referencing an informative chart.
In response to these observations, CryptoCon proposed that BTC/USD is “set to rocket into the resistance zone.”
“Markets are poised for a subsequent upward shift,” further added Michaël van de Poppe, founder and CEO of trading firm Eight. “Bitcoin appears robust, with altcoins also exhibiting synchronous movements.”
A Confluence of Economic Indicators and Options Expiry
This week’s crucial macroeconomic data releases are on the horizon. Jerome Powell, the chair of the U.S. Federal Reserve, is expected to continue his commentary on economic policy, making June 30 a pivotal date for new data releases.
The Personal Consumption Expenditures (PCE) figures, recognized as Powell’s preferred inflation assessment tool, are poised to trigger volatility within risk assets.
In addition to macroeconomic influences, the sizeable $4.7 billion open interest options expiry on June 30 also commands attention. Financial commentator Tedtalksmacro speculated that the cryptocurrency market movements could remain constrained until this expiration event.