Bitcoin (BTC) aborted a fresh attempt to reach $31,000 on June 29 while traders waited for bulls to succeed.
BTC price “primed to launch”
Now caught between and $30,000 and $31,000, BTC/USD lacked impetus to continue the prior week’s uptrend or reverse downward.
For market participants, however, there was increasingly reason to believe that flipping higher resistance levels to support would come next.
“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle wrote in a Twitter update, arguing that Bitcoin was repeating its late 2020 breakout.
“Up only from here if we keep following it. I’m ready.”
Popular trader and analyst Rekt Capital meanwhile eyed equally promising signs on monthly timeframes ahead of the June 30 monthly candle close.
“BTC is positioning itself for a Monthly Close above a resistance that had rejected price for the past three months. And now $BTC is holding comfortably above that same level (black),” he commented on an explanatory chart.
Reacting, CryptoCon described BTC/USD as “primed to launch into the resistance zone.”
“Markets are looking ready for another leg upwards,” Michaël van de Poppe, founder and CEO of trading firm Eight, added.
“Bitcoin looks good, but altcoins are moving in tandem too.”
PCE print meets options expiry
The week’s major macroeconomic data releases still lay ahead.
With Jerome Powell, Chair of the United States Federal Reserve, set to deliver a second day of commentary on economic policy, June 30 remained the key release date.
Personal Consumption Expenditures (PCE) figures, the preferred inflation measurement tool for Powell, were tipped to be the volatility catalyst for risk assets.
Beyond macro, the June 30 options open interest expiry was also a talking point, this coming in at a huge $4.7 billion.
Financial commentator Tedtalksmacro suggested that there would be limited crypto market movement until the expiry.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.