Experts Forecast Bitcoin Price to Break Beyond $31K Yearly Highs

Bitcoin (BTC) failed in its latest effort to reach $31,000 on June 29, as traders held out hope that the bulls would prevail.

BTC price “primed to launch”

Data from Cointelegraph Markets Pro and TradingView indicated that the BTC price was staying within its short-term trading range.

BTC/USD was situated between $30,000 and $31,000, with no inclination to either persist in the prior week’s upward trend or fall back down.

For market participants, there was growing evidence that the next step would be to convert higher resistance levels into support.

Popular trader Jelle tweeted that Bitcoin’s 2020 fractal was still in effect, claiming that the cryptocurrency was repeating its late 2020 breakout.

Popular trader and analyst Rekt Capital is also optimistic about the indications seen on monthly timeframes prior to the end of the June 30 monthly candle.

He commented on an explanatory chart, noting that BTC was “positioning itself for a Monthly Close above a resistance that had rejected price for the past three months” and was now “holding comfortably above that same level (black).”

CryptoCon declared that BTC/USD was “poised to soar into the resistance zone.”

“Michaël van de Poppe, founder and CEO of trading firm Eight, stated that markets appear to be ready for another increase,”

PCE print meets options expiry

The major macroeconomic data releases for the week are yet to come.

Speculators of Bitcoin have sent 35,000 BTC to exchanges in a new wave of “elation inflow”.

On June 30, the day of the key release, Jerome Powell, the chair of the United States Federal Reserve, was scheduled to give a second day of remarks relating to economic policy.

PCE figures, which Powell favors as a measure of inflation, were expected to be the source of volatility for risk assets.

The June 30 options open interest expiry was also a major topic of discussion, with a staggering amount of $4.7 billion.

Financial commentator Tedtalksmacro predicted that the crypto market would remain relatively stable until the expiry.

The magazine states that Bitcoin is heading towards the goal of achieving “Net Zero” promises.