Bitcoin volatility takes a break as $31K BTC price yearly highs loom

At the June 23 Wall Street open, Bitcoin (BTC) declined to provide the market with new volatility as speculators attempted to predict its next goals.

Bitcoin lacks “strong confirmation” of new upside

Data from Cointelegraph Markets Pro and TradingView indicated that the price of BTC was staying close to $30,000.

On the second day of trading, the market saw sideways movement as the prior upward momentum stopped near the yearly high of $31,000.

Daan Crypto Trades, a well-known trader, proposed that this zone was a widely-used invalidation point for those who had sold short BTC after its recent rise.

“On the day, a tweet stated that most of the shorts that had been initiated during the consolidation were likely to have their stops placed above the local high of approximately $30.8K.”

Maartunn, a contributor at the on-chain analytics platform CryptoQuant, believes that those shorts may still be victorious.

Maartunn observed that when open interest on exchanges increased without a corresponding rise in price, it was often followed by a sharp decline in BTC/USD.

Crypto Chase, the trader, admitted that he had not received “strong confirmation” of an impending move to $31,000.

For Elizy, the fellow trader, there was no alteration in sentiment compared to the day before as the market stayed in a state of consolidation.

He stated on Twitter that he had no intention of selling his holdings, but there was not much enthusiasm for buying either, as Bitcoin’s price stayed within a narrow range.

Wait-and-see mode returns

Jarvis Labs, a crypto analytics firm, has released their latest market update which emphasizes the uncertain nature of short-term price movements.

A trader has predicted that Bitcoin’s “parabolic advance” will lead to an all-time high price in 2023.

Founder Ben Lilly expressed his uncertainty after examining multiple data sets.

Lilly highlighted the impending options expiration on June 23, which had a value greater than $700 million. Owing to robust accumulation, it would be unwise to assume the rally will dissipate quickly.

“This all indicates that this rally should not be allowed to dissipate quickly,” he concluded.

Magazine states that Bitcoin is heading towards a goal of achieving “Net Zero” promises.

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