The price of Bitcoin (BTC) remained within a narrow trading range between $30,000 and $31,000, showing no significant upward or downward movement, according to data from Cointelegraph Markets Pro and TradingView.
However, market participants started to anticipate a potential breakthrough above resistance levels.
Several traders and analysts expressed optimism about Bitcoin’s future performance.
A popular trader known as Jelle tweeted that Bitcoin’s current price action resembled its breakout in late 2020, suggesting a potential upward trend.
Another prominent analyst, Rekt Capital, pointed out positive signs on monthly timeframes, indicating that Bitcoin was positioning itself for a monthly close above a resistance level that had previously rejected its price.
Michaël van de Poppe, the founder and CEO of trading firm Eight, echoed the positive sentiment, stating that both Bitcoin and altcoins were showing promising movements, suggesting the possibility of another upward leg in the markets.
On the macroeconomic front, market participants were eagerly awaiting the release of major data, including comments on economic policy by Jerome Powell, the chair of the United States Federal Reserve.
The volatility catalyst for risk assets was expected to be the Personal Consumption Expenditures (PCE) figures, which served as Powell’s preferred inflation measurement tool.
Additionally, the options open interest expiry on June 30 attracted attention, as it amounted to a substantial $4.7 billion.
Traders speculated on the potential impact of this expiration on the crypto market, with some expecting spot buying from dealers to hedge their books if the options were rolled into more calls.
Tedtalksmacro, a financial commentator, suggested that there might be limited movement in the crypto market until the expiry of the options open interest.
Overall, while Bitcoin remained range-bound in the short term, market participants showed growing optimism about a potential breakout above resistance levels.
Traders and analysts highlighted similarities to past bullish trends, and the release of macroeconomic data, including PCE figures and the options expiry, was expected to bring potential volatility to the market.
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