Bitcoin price briefly clears $31K as monthly, quarterly close nears

Bitcoin (BTC) increased through $31,000 on June 30 as a nearly $6 billion open interest expiry loomed.BTC/ USD 1-hour chart. Source: TradingViewOptions expiry precedes day of BTC price triggersData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting regional highs of $31,268 on Bitstamp before returning lower.BTC cost performance improved into a key quarterly options expiration event, the second biggest in Bitcoins history, with analysts keen to see its effect on markets.

Bitcoin (BTC) surged through $31,000 on June 30 as a nearly $6 billion open interest expiry loomed.BTC/ USD 1-hour chart. Source: TradingViewOptions expiration precedes day of BTC price triggersData from Cointelegraph Markets Pro and TradingView revealed BTC/USD hitting regional highs of $31,268 on Bitstamp prior to returning lower.BTC cost performance improved into a crucial quarterly choices expiration event, the 2nd biggest in Bitcoins history, with experts keen to see its effect on markets. #BTC is placing itself for a Monthly Close above a resistance that had actually rejected price for the past 3 monthsAnd now $BTC is holding easily above that very same level (black) #Crypto #bitcoin pic.twitter.com/b42XYWfcLi— Rekt Capital (@rektcapital) June 29, 2023

Fellow trader Jelle acknowledged that BTC rate was having trouble sustaining greater levels beyond quick spurts greater, with these constantly fulfilled with a retracement.”The benefit wicks in this combination may look scary, however we saw similar price action in the locations circled in red,” he reasoned, looking back on a chart of BTC/USD over the past year. “Bitcoin looks eager for upside, at some point next week.

Likewise, quarterly resistance at $28,872 was a focus, withRekt Capital keeping in mind that the exact same level had formed both resistance in Q1 2023 and 2020, along with support in 2021. BTC/USD annotated chart. Source: Rekt Capital/TwitterData from keeping track of resource CoinGlass put Bitcoins existing Q2 gains at 8%– still far behind Q1 efficiency over 70%. Hoping for Bitcoin upside continuationOthers hoped that despite the possible volatility, Bitcoin would still be able to reach brand-new regional highs.Related: Bitcoin speculators send out 35K BTC to exchanges in brand-new elation inflow Among them was trader Crypto Tony, whose primary target was $32,000.$ BTC/ $USD – Update #Bitcoin once again aiming to work some magic and climb above that supply zone. If we can manage to do that today, would be a Friday reward. pic.twitter.com/vBzeMvgXE4— Crypto Tony (@CryptoTony__) June 30, 2023

Other Questions People Ask

What factors contributed to Bitcoin price briefly clearing $31K as monthly, quarterly close nears?

The recent surge in Bitcoin price above $31,000 was primarily driven by the anticipation of a nearly $6 billion open interest expiry. This event marked the second largest quarterly options expiration in Bitcoin's history, leading to increased trading activity and volatility. Analysts noted that this surge was significant as it allowed Bitcoin to hold above resistance levels that had previously rejected its price for three months.

How did Bitcoin's price performance change leading up to the quarterly close?

Leading up to the quarterly close, Bitcoin's price performance showed improvement as it approached key resistance levels. Data indicated that BTC/USD reached regional highs of $31,268 on Bitstamp before experiencing a retracement. Traders were closely monitoring these movements, as the price action was reminiscent of previous patterns that suggested potential for further upside in the coming week.

What are analysts predicting for Bitcoin after clearing $31K?

Analysts are cautiously optimistic about Bitcoin's potential for continued upward movement after briefly clearing $31K. Some traders, like Crypto Tony, have set targets around $32,000, indicating a belief in further bullish momentum. However, they also acknowledge the possibility of volatility and retracement, emphasizing the importance of monitoring market conditions closely.

What historical resistance levels are influencing Bitcoin's current price action?

Bitcoin's current price action is heavily influenced by historical resistance levels, particularly the quarterly resistance at $28,872. This level has acted as both resistance and support in previous quarters, making it a focal point for traders. As Bitcoin navigates these levels, analysts are keen to see if it can maintain momentum above them to avoid potential pullbacks.

How does the recent Bitcoin price movement compare to previous quarters?

The recent movement of Bitcoin price above $31K contrasts sharply with its performance in previous quarters, particularly Q1 2023, where it saw gains exceeding 70%. Currently, Bitcoin's Q2 gains stand at around 8%, indicating a slower pace of growth. This comparison highlights the importance of upcoming market events and trader sentiment in shaping future price trajectories.