Bitcoin (BTC) failed to make a fresh attempt to reach $31,000 on June 29 as traders waited for bulls to succeed.
BTC/USD 1 hour chart. Source: TradingView
BTC price ‘ready for launch’
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action refused to exit its short-term trading range.
With BTC/USD now trading between $30,000 and $31,000, it has lacked impetus to continue the previous week’s uptrend or reverse the downtrend.
However, there was increasing reason for market participants to believe that the next step would be the conversion of higher resistance levels into support levels.
“Bitcoin’s 2020 fractal is still in play,” popular trader Jelle wrote in a Twitter update, arguing that Bitcoin repeated its breakout in late 2020.
“Only from up here, if we keep following him. I’m ready.” Annotated BTC/USD chart. Source: Jelle/Twitter
Popular trader and analyst Rekt Capital, meanwhile, saw equally promising signs for the monthly timeframes ahead of the monthly candle close on June 30th.
“BTC is positioning for a monthly close above resistance that has rejected the price for the past three months. And now BTC is comfortably holding above the same level (black),” he commented on an explanatory chart.
Annotated BTC/USD chart. Source: Rekt Capital/Twitter
In response, CryptoCon described BTC/USD as “ready to break into the resistance zone.”
“Markets seem poised for another uptrend,” added Michaël van de Poppe, founder and CEO of trading company Eight.
“Bitcoin is looking good, but altcoins are moving in tandem.”
PCE pressure corresponds to the expiry of the options
This week’s major macroeconomic data releases are still to come.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges, Leading to New ‘High Spirit’ Inflow
With Federal Reserve Chair Jerome Powell set to comment on economic policy on Day 2, June 30 remained the key release date.
Personal consumption expenditure (PCE), Powell’s preferred measure of inflation, was seen as a volatility catalyst for risky assets.
Beyond the macroeconomics, options expiry on June 30th also generated a whopping $4.7 billion in open options.
Financial commentator Tedtalksmacro hinted that there will be limited movement in the crypto market until expiry.
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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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