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

June 30, 2023

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.

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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