Bitcoin traders remain optimistic despite sideways trading as the cryptocurrency approaches its yearly high of $31,000. The upcoming expiration of a significant options open interest is seen as a potential catalyst for a breakout. Traders anticipate Bitcoin to flip resistance levels into support, paving the way for further upward momentum.
According to popular trader Jelle, Bitcoin’s current price action resembles its breakout pattern from late 2020, suggesting that the cryptocurrency may continue its upward trend. Analyst Rekt Capital highlights promising signs on monthly timeframes, indicating that Bitcoin has the potential to close above a long-standing resistance level.
Several market experts share the sentiment that Bitcoin is poised for a bullish move. CryptoCon describes BTC/USD as “primed to launch into the resistance zone,” while Michaël van de Poppe, founder and CEO of trading firm Eight, notes that both Bitcoin and altcoins are showing positive movement.
In addition to technical factors, the market is also anticipating the release of macroeconomic data and the options open interest expiry on June 30. Jerome Powell’s commentary on economic policy and the Personal Consumption Expenditures (PCE) figures, a key inflation measurement, are expected to impact risk assets. The options open interest expiry, valued at $4.7 billion, adds to the anticipation surrounding potential market movements.
Financial commentator Tedtalksmacro suggests limited crypto market activity until the options expiry takes place.
It’s important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and exercise caution when making investment decisions.