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

The price of Bitcoin (BTC) surged past $31,000 on June 30 as a looming expiry of almost $6 billion in open interest was approaching.

Options expiry precedes day of BTC price triggers

Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD reached local highs of $31,268 on Bitstamp before dropping back down.

The performance of BTC leading up to a major quarterly options expiry event, the second largest of its kind in Bitcoin’s history, has been strong, and analysts are eager to observe its impact on markets.

It will be intriguing to observe how much open interest is carried over to the next expirations and whether it is mainly call or put options; this will have an effect on how dealers hedge (buy or sell Bitcoin),” commented Tedtalksmacro in a related discussion.

June 30 is a significant date for crypto traders everywhere, as the expiration of options is just one of many important occurrences.

Data from the United States’ macroeconomy in the form of the Personal Consumption Expenditures (PCE) report is also forthcoming, leading up to the monthly and quarterly closing of accounts.

For Rekt Capital, a well-known trader and analyst, if the price closes above $29,255 it will be a confirmation of a breakout on the monthly timeframes.

Likewise, $28,872 was a focal point for quarterly resistance, with Rekt Capital noting that this level had acted as both resistance in Q1 of 2023 and 2020, as well as support in 2021.

CoinGlass’s data from monitoring resources indicates that Bitcoin’s current Q2 gains are at 8%, which is still substantially lower than the 70% performance of Q1.

Hoping for Bitcoin upside continuation

Some hoped that despite the possible instability, Bitcoin could still hit new local highs.

Speculators trading in Bitcoin have sent 35,000 BTC to exchanges in a new wave of enthusiasm.

Among them was trader Crypto Tony, the goal of whom was to reach $32,000.

Jelle, a fellow trader, acknowledged that BTC price was unable to maintain levels beyond short-lived increases, which were always followed by a decline.

“The wicks at the top of this consolidation period may seem intimidating, but we have seen similar price action in the red-circled areas on the BTC/USD chart from the last year,” he argued, examining the graph.

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