Bitcoin Bumps Higher and is Eager for More Upside

The price of Bitcoin (BTC) has been attempting to cement higher towards the significant event of quarterly options expiry, registering a price-tag above $31,000 as the bulls begin to mount.

BTC’s value has driven upwards towards Bitcoin’s second-largest quarterly options expiry event, and analysts are closely speculating the price movements of the world’s most dominant cryptocurrency. Financial commentator Tedtalksmacro shared his perspective as part of an associated summary:

“Will be interesting to see how much is rolled over to future expirations and whether that OI is call or put dominant --> as that will impact how dealers hedge (buy or sell BTC).” The 30th of June represents a pivotal date for Bitcoin traders from all over the world, and that does not necessarily mean unprecedented surges.

A crypto trader known as Jelle believes that Bitcoin was facing difficulties sustaining higher levels beyond brief price bumps, and that they are always met with some retracement or correction: “The upside wicks in this consolidation may look scary, but we saw similar price action in the areas circled in red,” he reasoned, looking back on a chart of BTC/USD over the past year.” Jelle also added that Bitcoin “looks eager for upside, sometime next week.”

Sources:

https://cointelegraph.com/news/bitcoin-price-briefly-31k-monthly-quarterly-close

https://twitter.com/tedtalksmacro/status/1674676149757128704

https://twitter.com/CryptoJelleNL/status/1674686996927717379/photo/1