Bitcoin (BTC) surged above $31,000 on June 30 as it indicated an expiry of nearly $6 billion in open interest.
BTC/USD 1 hour chart. Source: TradingView
Options expiry is before the day BTC price triggers
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hit local highs of $31,268 on Bitstamp before retracing.
BTC price action turned into a major quarterly options expiration event, the second-biggest in Bitcoin history, and analysts are excited for the impact on the markets.
“It will be interesting to see how much carries over to future expirations and whether this OI is call or put dominant – as this will impact how traders hedge (buy or sell) BTC,” financial commentator Tedtalksmacro wrote in one associated comment .
June 30 marks an important date for BTC traders as options expiry is just one in a series of important events.
Macroeconomic data from the United States in the form of Personal Consumption Expenditure (PCE) release is also due ahead of the monthly and quarterly candlestick closes.
For popular trader and analyst Rekt Capital, a close above $29,255 would confirm a breakout on the monthly time frame.
Likewise, quarterly resistance at $28,872 took center stage, with Rekt Capital noting that the same level had formed resistance in both Q1 2023 and 2020, as well as support in 2021.
Annotated BTC/USD chart. Source: Rekt Capital/Twitter
Data from monitoring resource CoinGlass puts Bitcoin’s recent gains in the second quarter at 8% — still well short of its first-quarter performance of over 70%.
I hope for a continuation of the Bitcoin uptrend
Others hoped that regardless of the potential volatility, Bitcoin would still be able to make fresh local highs.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges, Leading to New ‘High Spirit’ Inflow
Among them was trader Crypto Tony, whose main target was $32,000.
Fellow trader Jelle acknowledged that BTC price has struggled to sustain higher levels beyond brief rallies, which have always been accompanied by a retracement.
“The upward wicks of this consolidation may look scary, but we’ve seen similar price action in the areas circled in red,” he argued, looking back at a chart of BTC/USD over the past year.
“Bitcoin seems poised for an uptrend sometime next week.”BTC/USD annotated chart. Source: Jelle/Twitter
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This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.
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