Bitcoin’s price has remained relatively stable at around $30,000, with no major volatility reported in recent days. Traders are currently speculating on the cryptocurrency’s next targets, with some shorters reportedly betting on a short-term trend turnaround. While there is no strong confirmation of an imminent continuation to $31,000, the yearly high, traders are keeping their eyes on key levels, such as the $29.8K region and Daily Open.
There is still much uncertainty in the low-timeframe price action, with data sets suggesting different scenarios. However, due to strong accumulation, it would be unwise to bet against Bitcoin’s rally fizzling out too soon.
Trader Speculation
Popular trader Daan Crypto Trades suggested that the $31,000 price range represented a popular invalidation point for those shorting BTC after its recent upside. Additionally, Maartunn, a contributor at on-chain analytics platform CryptoQuant, noted rising open interest on exchanges against flat price performance. He observed that “flushing” that open interest has recently been accompanied by a snap drop in BTC/USD.
For fellow trader Elizy meanwhile, there was no discernible change in mood from the day prior as consolidation continued. While having “no intention of going short,” he told Twitter followers, there was likewise not much interest in entries while BTC price action acted in a tight range.
Unclear Nature of Low-Timeframe Price Action
The latest market update from crypto analytics firm Jarvis Labs underscored the unclear nature of low-timeframe price action. Founder Ben Lilly concluded after investigating various data sets, “I’m a bit uncertain right here… I’m starting to write off $24k before options expiry and instead lean towards a push higher into $32k range.” He referenced the upcoming options expiry on June 23, worth over $700 million.
Lilly’s analysis also revealed that it would be unwise to bet against Bitcoin’s rally fizzling out too soon due to strong accumulation. ‘All of this tells me, one cannot be quick to fade this rally,’ he concluded. ‘My gut was saying yea, fade it bc the halving is too far off. But a few data points are saying the opposite. Perhaps a fade will present itself in July. For now, let’s track the data to see if the trend continues.’